Question

A consumer buys 10 unit of good X at a price of rupees 5 per unit the price elasticity of demand is 2.The price fall to rupees 4 per unit how many unit of good X will he buy now at this price
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Answer 1

Answer:

Given: Q−10,Q1=12,P=5,P1=4

ΔP=(4−5)=−1,ΔQ=(12−10)=2

Ed=(−1)QP∗ΔPΔQ

=(−)105∗−12=1

Ed=1 Unitary elastic demand.

Explanation:

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Answer 2

Explanation:

Given: Q−10,Q

1

=12,P=5,P

1

=4

ΔP=(4−5)=−1,ΔQ=(12−10)=2

E

d

=(−1)

Q

P

∗

ΔP

ΔQ

=(−)

10

5

∗

−1

2

=1

E

d

=1 Unitary elastic demand.