What are the different methods of measuring price elasticity of demand? Explain the method of measuring point elasticity of demand.
Suppose a demand schedule is given as follows:
(a) Find the elasticity for the fall in price from Rs 80 to Rs 60.
(b) Calculate the elasticity for the increase in price from Rs 60 to Rs 80.
(c) Why is elasticity coefficient in (a) different from that in (b)?
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