- 04/25/2019 at 2:56 pm #618642EduGorillaKeymasterSelect Question Language :
Directions: Read the following data and answer the question.
A shopkeeper sells gel pens at Rs. 10 per pen. At this price, he can sell 120 pens per month. After some time, he raises the price to Rs. 15 per pen.
Following the price rise,
- Only 60 pens were sold every month
- The number of refills bought went down from 200 to 150
- The number of ink pen customers went up from 90 to 180 per month
What can be said about the price elasticity of demand for pen?
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- It is perfectly elastic.
- It is elastic.
- It is perfectly inelastic.
- It is inelastic.
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