2022 June Business Economics and Business and Commercial Knowledge

Read the following data and answer Questions 55 - 56

X, Y

and

Z

are three commodities where

X

and

Y

are complementary goods whereas

X

and

Z

are substitutes.
A shop keeper sells commodity

X

at Rs. 20 per piece. At this price he is able to sell 100 pieces of

X

per month.
After some time, he decreases the price of

X

to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of

X

per month.
The demand for

Y

increases from 25 units to 50 units.
The demand for commodity

{Z}

decreases from 75 units to 50 units.

Question : 55 of 100

Marks: +1, -0

The price elasticity of demand when price of

X

decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to:

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