.) A consumer spends Rupees 1500 on a good priced at Rupees 10 per unit.
When price rises by 20 percent, the consumer continues to spend rupees
1500 on the good. Calculate price elasticity of demand by percentage method.
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E = (-25/2) * (8/125) = -200/250 = -0.8. This discussion on Consumer spends Rs 1500 on a good priced at Rs 10 per unit. When price rises by 20 % , the consumer continues to spend Rs 1500 on that good. Calculate price elasticity of demand by % change method.
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