At a price of Rs. 50 per unit the quantity demanded of a commodity is 1000 units . When its
Channel: Doubtnut
Date: 2020-06-07

At a price of Rs. 50 per unit the quantity demanded of a commodity is 1000 units . When its price falls by 10 percent , its quantity demanded rises to 1080 units . Calculate its price elasticity of demand . Is  its demand inelastic ? Given reasons for your answer.