a consumer buys 5 units of a good at a price of rs.4 per unit. when price falls to rs.3 per unit he buys 10units. calculate the price elasticity of demand?
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Explanation:
- elasticity of demand = ed( - )
p ÷q × ∆q ÷ ∆ p
- ( 4÷5 × 5÷ -1 ) = 4
- elasticity of demand is 4
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