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A consumer buys 80 units ofa good at a ...

A consumer buys 80 units ofa good at a price of ₹5 per units. Suppose, the price elasticity of demand is (-)2. At what price will he buy 64 units ?

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The correct Answer is:
New price =₹5.5
Price Elasticity of demand `(E_(d))=(DeltaQ)/(DeltaP)xx P/Q -2 = (-16)/(DeltaP) xx 5/80 Rightarrow DeltaP= ₹ 0.5`
As the quantity demanded is decreasing , price will increase. It means,
new price = Original pirce (P) + Change in price `(DeltaP)=5+0.5=₹5.5`
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SANDEEP GARG-ELASTICITY OF DEMAND-Unsolved practicals
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