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CBSE Class 11-commerce Answered

A consumer buy 80 units of a good at a price of Rs.5 per unit. The price elasticity of demand is -2. At what price will he buy 64 units
Asked by chiragjain1716 | 23 Jan, 2020, 02:07: PM
answered-by-expert Expert Answer
Original price (P) = Rs 5
Orginal Quantity (Q)= 80 units
New quantity (Q1)= 64units
New Price (P1) = ?
Price Elasticity of demand = -2
 P r i c e space e l a s t i c i t y space o f space d e m a n d c space equals space fraction numerator increment Q over denominator increment P end fraction cross times P over Q minus 2 space equals space fraction numerator negative 16 over denominator increment P end fraction cross times 5 over 80 increment P space equals space 0.5 A s space q u a n t i t y space d e m a n d e d space i s space d e c r e a sin g comma space p r i c e space w i l l space i n c r e a s e N e w space p r i c e space equals space P plus P 1 space space space space space space space space space space space space space space space space equals 5 plus 0.5 space space space space space space space space space space space space space space space space equals space 5.5
Answered by Christina | 23 Jan, 2020, 03:59: PM

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