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Q. You are given the market data that says when the price of Cake is Rs. 60, the quantity demanded of Cake is 80 slices and the quantity demanded of cheese bread is 120 pieces. When the price of Cake is Rs. 30, the quantity demanded of Cake is 100 slices and the quantity demanded of cheese bread is 100 pieces.

(i) Can the price elasticity of demand be calculated for either good?

(ii) If so, calculate the price elasticity of demand for each product.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9723808

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