if the demand curve for a goods q10-5p what will be the quantity demanded of the good at the price rs 2/- unit
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Answer:
Given, demand curve D(p) = 10 - 3p
Price =
3
5
D=10−3×
3
5
=10−5=5
D=5 units
D(p)=10−3p
△p
△D
=−3or
△p
△q
=−3
Elasticity of demand (E
d
)= (-)
q
p
×
△p
△q
=$$(-)
\dfrac{5/3}{5}\times -3$$
E
d
=(−)
3
5
×
5
1
×−3
E
d
=1
⇒
∴ Elasticity of demand =1.
Explanation:
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