Question

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A consumer spends Rs. 80 on a commodity when price is Rs. 1 per unit. if the price increases by Rs. 1 , his expenditure becomes Rs. 96. comment on PED

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Answer 1

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Explanation:

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Answer 2

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A consumer spends Rs. 80 on a commodity when price is Rs. 1 per unit. if the price increases by Rs. 1 , his expenditure becomes Rs. 96. comment on PED .

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$\implies\:\bf{Initial\:total\: expenditure\:(TE_o)}\:=\:Rs\:80$

$\implies\:\bf{Final\:total\: expenditure\:(TE_1)}\:=\:Rs\:96$

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$\bf{\green{Initial\:Price\:(P_0)}}\:=\:Rs\:1$

$\bf{\green{Final\:Price\:(P_1)}}\:=\:Rs\:2$

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$\bf{[Quantity}\:=\: \bf{\frac{TE}{P}]}$

$:\implies \sf{Quantity_0} \:=\: \bf{\frac{TE_0}{P_0}} \:=\: \frac{80}{1} \:=\: 80 \\ \\ :\implies \sf{Quantity_1} \:=\: \bf{\frac{TE_1}{P_1}} \:=\: \frac{96}{2} \:=\: 48$

$\sf{Now\:,}$

$\mathfrak{ecl} \implies$

$= (-) \bf{\frac{∆Q}{Q}} \times \bf{\frac{P}{∆P}} \\ \\ = (-) \frac{32}{80} \times \frac{1}{1} \\ \\ = (-) \bf{\frac{32}{80}} \\ \\ = - 0.4$

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