Question

when the price of rupees 20 unit ,the quantity demanded is 150 unit if the price of good rises rupees 30 unit the quantity demanded falls to 120 unit calculate the price elasticity of demand​

Answer 1

Answer:

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Answer 2

Explanation:

Given when the price of rupees 20 unit ,the quantity demanded is 150 unit if the price of good rises rupees 30 unit the quantity demanded falls to 120 unit calculate the price elasticity of demand.

• Now original Quantity Q = 150 units        Original price P = Rs 20
• New Quantity Q1 = 120 units                    New price P1 = Rs 30
• So change in quantity ΔQ = - 30 units      Change in price ΔP = Rs 10
• So price elasticity of demand ED = ΔQ / ΔP x P/Q
•                                                           = -30 / 10 x 20 / 150
•                                                           = - 2/5
•                                                          = - 0.4

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