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A set of goods carrier that consists of 100 carrier boxes costs Rs.1040. After price change, it costs Rs. 1249. The quantity of goods carrier purchased before price change and after price change are 100 and 125. Find price elasticity of demand.

A set of goods carrier that consists of 100 carrier boxes costs Rs.1040. After price change, it costs Rs. 1249. The quantity of goods carrier purchased before price change and after price change are 100 and 125. Find price elasticity of demand. Correct Answer 1.21

Given, Q1 = 100 Q2 = 125 P1 = Rs. 1040 P2 = Rs. 1249 Then price elasticity of demand is given as E = ((Q2 – Q1) / (Q1 + Q2)) / ((P2 – P1) / (P2 + P1)) = ((125 – 100) / (125 + 100)) / ((1249 – 1040) / ((1249 + 1040)) = (25 / 225) / (209 / 2289) = 0.111 / 0.091 = 1.219

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