The price   of commodity is ₹  15 per unit and its quantity demanded is 500 units. Its
Channel: Doubtnut
Date: 2020-05-03

The price   of commodity is ₹  15 per unit and its quantity demanded is 500 units. Its quantity demanded rises by 80 units as a result of fall in its price by 20 per cent. Calculate its price elasticity of demand. Is its demand inelastic ? Give reason for your answer.