Question

A consumer buys 10 units of good at price of rs 11 per unit. when the price fall to rs 9 per unit he spend rs 90 on the goods . calculate price elasticity of demand using the percentage method .Also comment upon the shape of demand curve based on the information. please solve this question ​

Answer 1

ANSWER

ANSWERGiven: Q−10,Q1=12,P=5,P1=4

ANSWERGiven: Q−10,Q1=12,P=5,P1=4ΔP=(4−5)=−1,ΔQ=(12−10)=2

ANSWERGiven: Q−10,Q1=12,P=5,P1=4ΔP=(4−5)=−1,ΔQ=(12−10)=2Ed=(−1)QP∗ΔPΔQ

ANSWERGiven: Q−10,Q1=12,P=5,P1=4ΔP=(4−5)=−1,ΔQ=(12−10)=2Ed=(−1)QP∗ΔPΔQ=(−)105∗−12=1

ANSWERGiven: Q−10,Q1=12,P=5,P1=4ΔP=(4−5)=−1,ΔQ=(12−10)=2Ed=(−1)QP∗ΔPΔQ=(−)105∗−12=1Ed=1 Unitary elastic demand.

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