Question

If the price of a commodity increases by 10 percent and as a result, its quantity demanded decreases by 30 percent, what will be the value of Price elasticity of demand.​

Answer 1

Answer:

the answer is 3

demand=30%

price=10%

price elasticity

of demand=demand changed/price changed

price elasticity of demand=30% / 10%=3

Answer 2

Given :   price of a commodity increases by 10 percent and as a result, its quantity demanded decreases by 30 percent,  

To Find :  Price elasticity of demand.​

Solution:

Price elasticity of demand.​   =  Change in Demand  / Change in price

Price elasticity of demand.​   = (dQ/Q)  /  (dP/P)

dQ/Q =  -30/100 = -3/10

dP/P =  10/100 = 1/10

Price elasticity of demand.​   =  -(3/10)/(1/10)

= - 3

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