A consumer buys 5 units of a good at Rs4 per unit. When price falls to Rs3 per unit he buys
10 units. Calculate price elasticity of demand.
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0
Answer:
Given: Q−10,Q
1
=12,P=5,P
1
=4
ΔP=(4−5)=−1,ΔQ=(12−10)=2
E
d
=(−1)
Q
P
∗
ΔP
ΔQ
=(−)
10
5
∗
−1
2
=1
E
d
=1 Unitary elastic demand.
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