Question

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​

Answer 1

Explanation:

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Answer 2

Answer:

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.

Explanation:

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