Example 6. A consumer buys 80 units of a good at a price of 35 per unit. Suppose, the price
elasticity of demand is (-) 2. At what price will he buy 64 units?
Solution:
₹ 5
Original Quantity (Q)
New Quantity (Q1)
Change in Quantity (AQ)
?
80 units Original Price (P)
64 units New Price (P1)
16 units Change in Price (AP)
Elasticity of Demand (Ed) = -2
AP
II
Price Elasticity of demand (Ed)
AQ Р
Х
ΔΡ.
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