Question: The price elasticity is-- 0.71 means?
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a.an increase in price by Tk 1 increases the demand by Tk 0.71
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b.an increase in price by 1% reduces the demand by 0.71%
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c.an increase in price by Tk 0.71 reduces the demand by Tk 1
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d.an increase in price by Tk 0.71% increases the demand by Tk 1%
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e.a decrease in demand by 0.71% reduces the price by Tk.1
Answer: c
 an increase in price by Tk 1 increases the demand by Tk 0.71 b) an increase in price by 1% reduces the demand by 0.71% c) an increase in price by Tk 0.71 reduces the demand by Tk 1 d) an increase in price by Tk 0.71% increases the demand by Tk 1% e) a decrease in demand by 0.71% reduces the price by Tk.1 Ans. c) an increase in price by Tk 0.71 reduces the demand by Tk 1
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