If price of an article decreases from Rs 600 to Rs 500, when quantity demanded increases from 10000 units to 12000 units. Find point elasticity of demand?

The formula for the elasticity of demand using the initial point method is:
$$E_d=\frac{\Delta Q}{\Delta P}\times \frac{P_1}{Q_1}$$
Given values:Initial Price ($P_1$) = $600$ New Price ($P_2$) = $500$ Change in Price ($\Delta P$) = $500-600=-100$ Initial Quantity ($Q_1$) = $10000$ New Quantity ($Q_2$) = $12000$ Change in Quantity ($\Delta Q$) = $12000-10000=2000$ Substituting the values into the formula:
$$E_d=\frac{2000}{-100}\times \frac{600}{10000}$$
$$E_d=-20\times \frac{6}{100}=-20\times 0.06=-1.2$$
Thus, the point elasticity of demand is $-1.2$.