In the following question, the sentence given with blank to be filled in with an appropriate word. Select the correct alternative out of the four and indicate it byselecting the appropriate option.
If price of an article decreases from Rs 800 to Rs 700, quantity demanded increases from Q1 units to 70 units. If point elasticity of demand is -1.333 find Q1?
If quantity of a good demanded increases from 200 to 250 then the average income of the population increases from Rs 20,000 to Rs 30,000, find Arc Income elasticity of demand?