Question

ii. Define Law of
Hi. At 26 per unit, the demand for commodity is 30 units. If price increases from 26
to 30 per unit, the demand decreases to 15 units. Calculate the price elasticity of demand.
questions.
(4 M)​

Answer 1

Answer:

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Answer 2

Explanation:

Given,P=Rs.26; P

1

=Rs.30;

△P=P

1

−P = Rs.30−Rs.26=Rs.4

Q=30 units; Q

1

=15 units; $$

△Q=Q

1

−Q=(15−30) units = (−)15 units

Price elasticity of demand (E

d

)=(−)

Q

P

×

△P

△Q

=(−)

30

26

×

4

−15

=3.2