a consumer buys 80 units of a good at a price of rupees 4 per unit when the price falls he buys 100 units if price elasticity of demand is - 1 find out the news price
Answers
Answered by
9
Answer:
New price is ₹3
Explanation:
Ep = (Δq . p) / (Δp . q)
-1 = (20 . 4) / (Δp . 80)
⇒ Δp = -1
Δp = p₁ - p₀
p₁ = Δp + p₀
p₁ = 3
Answered by
1
Answer:
New price is ₹3
Explanation:
Ep = (Δq . p) / (Δp . q)
-1 = (20 . 4) / (Δp . 80)
⇒ Δp = -1
Δp = p₁ - p₀
p₁ = Δp + p₀
p₁ = 3
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