Question

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

Answer:

1

p=4-5=-1

q=12-10=2

Ed=(-1)×p/q× q/p

=-5/10×2/-1

=1

Ed =1 Unitary elastic demand.

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