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Question
Find the elasticity of demand if the marginal revenue is ₹ 50 and price is ₹ 75.
Solution
Marginal revenue Rm = 50 Price P = 75.
We have Rm = `"p"(1-1/eta)`
Pm + `"P"/eta = "P"`
`"P"/eta =`P = Rm
= 75 - 50
= 25
`therefore eta="P"/25`
`therefore eta=75/25`
∴ η = 3
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