Question

a consumer buys 200 units of a good at Rs 5 per unit with change in price he buys only 100 units if elasticity of demand is -1 find out changed price.

Answer 1

no. of unit =200 units
cost of per unit = Rs 5
cost of 200 units =200×5=Rs1000
cost of 100 units =100 ×5 =Rs500
change in price =Rs1000-Rs500=Rs 500 answer