1.       From the following table, calculate the price elasticity of demand by the percentage method. Price of X ( ₹per unit) Total Expenditure (₹) 4 600 5 525 Solution:        The values of Quantity demanded can be calculated with the help of the given formula:         Total Expenditure = Price × Quantity Demanded        Quantity Demanded = Total Expenditure/ Price Price of X ( ₹per unit) Total Expenditure (₹) Q.D P=4 600 Q=600/4= 150 P 1 =5 525 Q 1 =525/5=105       ΔP = P 1 -P             =5-4             = 1 E d =?           ΔQ= Q 1 -Q      =105-150 = -45   Price Elasticity of Demand = 1.2 2. When the price of a good change to ₹ 3 per unit, the consumer’s demand rises from 18 units to 30 units. The price elasticity of demand is 1. What was the price be