With rise in price from  ₹ 8 to ₹ 14 , total expenditure on the commodity rises by   40%
Channel: Doubtnut
Date: 2020-05-03

With rise in price from  ₹ 8 to ₹ 14 , total expenditure on the commodity rises by   40%  and becomes ₹1,120. Calculate price elasticity of demand. Also, indicate whether demand. Also, indicate whether demand is elastic or inelastic.