Question

a consumer buy 30 units of goods at rate of 10 per unit . price elasticity is -1 . how much unit consumer conume at price 9 per unit​

Answer 1

Explanation:

Relative Prices, Demand Elasticity, and Leisure

When the marginal utility is equal to price for all goods and services, then a consumer cannot improve her well-being by altering her consumption behavior. Suppose that over the course of a year a particular consumer buys 20 comic books and goes to 30 movies. If she buys just enough comic books so that the marginal utility of a comic book is equal to the price, and she goes to just enough movies so that the marginal utility of a movie is equal to the price, then she will be worse off if she goes to fewer movies and buys another comic book.

Suppose that a comic book costs $4 and a movie costs $8. Then to go to another movie, a consumer has to give up two comic books. This is the relative price of movies. Given that relative price, a consumer will go to movies until the marginal utility of the next movie is no more than the marginal utility from two more comic books.

Answer 2

Answer:

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