Suppose that your demand schedule for Rooh-Afza Drink is as follows:
PRICE (In Rs.) Quantity Demanded
(Income = Rs.10,000)
Quantity Demanded
(Income = Rs.12,000)
8 40 50
10 32 45
12 24 30
14 16 20
16 8 12
Use midpoint method to calculate your price elasticity of demand as the price of Rooh-
Afza increases from Rs.8 to Rs. 10
a. When your income is Rs. 10,000
b. When your income is Rs. 12,000
b) Calculate your income elasticity of demand
a. If price is Rs. 12
b. If price is Rs. 16
Answers: 2
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Suppose that your demand schedule for Rooh-Afza Drink is as follows:
PRICE (In Rs.) Quantity Demand...
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