For the following questions answer them individually
If price of an article decreases from Rs P1 to Rs 75, quantity demanded increases from 1000 units to 1200 units. If point elasticity of demand is 3.2 find
P1?
Match the characteristics with their market structure:
(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic
(b) Homogeneous product, all goods are perfect substitutes for consumers