A consumer busy 40 units of a commodity at a price of Rs. 5 per unit and his price elasticity of demand is (-) 1.5 . Calculate the amount he will buy

Question

A consumer busy 40 units of a commodity at a price of Rs. 5 per unit and his price elasticity of demand is (-) 1.5 . Calculate the amount he will buy

A consumer busy 40 units of a commodity at a price of Rs. 5 per unit and his price elasticity of demand is (-) 1.5 . Calculate the amount he will buy at the amount he will buy at the price of 4 per unit of the commodity.

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

`E_(P)=(P)/(Q)xx(DeltaQ)/(DeltaP)`
`(-)1.5=(5)/(40)xx(DeltaQ)/(-1)`
`DeltaQ=12`
New `Q=Q+DeltaQ=40+12=52` units .
Note : In this problem , we have taken minus sing into consideration both in case of `E_(P) and DeltaP`.

4 views Answered 2023-02-05 15:29