Question

Quantity demanded of a commodity rises by 6 units,when its price falls by ₹1 per unit. It's price elasticity is (-)1. If the price before the change was ₹20 per units. Calculate the quantity demanded at this price.​

Answer 1

Answer:

We are given,

Percentage fall in demand =20

Initial Price =10

New Price =12

% Increase in Price =102×100=20%

We know,

ed=−%change in price%change in Demand=−2020=−1

Now, if price rises from 10 to 13

% Change in price −103×100=30%

So,

% Change in Demand =% change in Price ×ed=30×−1=−30

So, we can say that if the price rises from Rs. 10 to Rs. 13, i.e by 30%, then the demand will fall by 30%. This is because the good follows unitary elasticity.

Answer by warrior Farhat.

Explanation:

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