price elasticity of demand of a good is (-) 1. At a price the consumer buys 60 units of the good. How many units will the consumer buy if the price falls by 10 per cent (Ans. New quantity = 66 units)
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Hey ARMY!!!
The answer for your Question is
New quantity = 66 units.
Explanation:
Elasticity of demand (Ed
) = (–) Percentage change in quantity demanded
Percentage change in price
(–) 1 =
Percentage change in quantity demanded
(–)10%
Percentage change in quantity demanded = 10
Þ
DQ
Q
´ 100 = 10
Þ
DQ
60
´ 100 = 10
Þ DQ = 6
New quantity = Q + DQ
= 60 + 6 = 66
Ans. New quantity = 66 units.
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