Suppose the price of movies seen at a theatre rises from Rs. 120 per person to Rs. 200 per person. The theater manager observes that the rise in price is because attendance at a given movie is to fall from 300 persons to 200 persons. What is the price elasticity of demand for movies?

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Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.