when the price of a good change rupees 3 per unit and elasticity of demand change 18 to 13 unit ep =1 what is the price before change use expenditure approach of a ep
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Given, P=?;△P=(−)Rs.1
Q=16 units;Q1=18 units;△Q=Q1−Q=(18−16)units=2 units
Ed=(−)1
Price elasticity of demand (Ed)=QP×△P△Q
−1=16P×−12
−8=−P
Thus, P=8
Price before change =Rs.8.
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