When price of a good is Rs. 7 per unit a consumer busy 12 units . When price fails to Rs. 6 per unit he spends Rs. 72 on the good . Calculate price el

Question

When price of a good is Rs. 7 per unit a consumer busy 12 units . When price fails to Rs. 6 per unit he spends Rs. 72 on the good . Calculate price el

When price of a good is Rs. 7 per unit a consumer busy 12 units . When price fails to Rs. 6 per unit he spends Rs. 72 on the good . Calculate price elasticity of demand by using percentage method. Comment on the likely shape of demand curve based on based on this measure of elasticity.

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

`{:(" Price"," Demand"),(" " 7," "12),(" "6," "(72)/(6)=12):}`
`E_(P)=(P)/(Q)xx(DeltaQ)/(DeltaP)`
`=(7)/(12)xx(0)/(-1)=0`
The demand curve is parallel to the y- axis.

5 views Answered 2023-02-05 15:29