Price elasticity of demand of a good is (-) 1. At a given price the consumer buys 60 units of the good . How many units will the consumer buy if the p

Question

Price elasticity of demand of a good is (-) 1. At a given price the consumer buys 60 units of the good . How many units will the consumer buy if the p

Price elasticity of demand of a good is (-) 1. At a given price the consumer buys 60 units of the good . How many units will the consumer buy if the price falls by 10 percent?

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)=(% "change in " Q_(d))/(% " change in P")`
`(-)1 =(% " change in " Q_(d))/(-10%)`
`:.% "change in " Q_(d)=+10%`.
Demand after price falls `=Q+10% " of " Q=60+ (10% " of " 60)=66 ` units.

4 views Answered 2023-02-05 15:29