a consumer buys 100 units of a good at a price of 5 rupees per unit when its price changes he buys 140 units what is the new price is price elasticity demand is 2
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Initial quantity - 100 units
New quantity - 140 units
Initial price - Rs 5
Change in quantity - 40 units
New price - ?
Price elasticity - change in quantity /change in price into price / quantity
2 - 40/change in price into 5/100
PRICE - Rs 1
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youngmonk:
can u please explain
i didn't understand
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