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omer ur answer is wrong calculate it again
plz give solution of price elasticity demand and price elasticity supply!!!
Elasticity supply and demand is based on percentage increase and decrease but....their is no % given in question??
in this situation as market is in equilibrium so % nahi aya ga formula to calculate will be
Es = (P/Q) x (dQ/dP)
Qs = 700 +5P
dQ/dP = 5
So we can calculate Es
Es = (40581.25/203606.25) x (5)
Answer = 0.99 in Price of Elasticity supply
same formula ha for demand elasticity multiply with 11 instead of 5
Instead of Es...i we should write Ed??
Adnan what is price elasticity demand???
what is the answer of part c???
Adnan bhai i 100% agree with you but in current situation i wasn't able to work this is the only reason i'm seeking solution.
moreover the first solution was already completed by me, the only issue i was facing due to non-availability of formula in hand outs, i don't get enough time to see any video lecture :(. i hope you will understand my situation.
Jazak'Allah for your support and understanding.
Assalamu alykum everyone. I have solved first two parts except for the interpret part of part B. Can anyone help me how to interpret the price elasticity of demand and supply. And also help me in solving part C regarding the reduction in taxes.
Thanks in advance.
Ye lo assigment file.................
Sami boss cha gay ho, bary dil ky admi ho yar, c graph theek hy are you sure, plz