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Supply of commodity is 1200 units at a p...

Supply of commodity is 1200 units at a price of Rs.12/unit. If ths supply of commodity increases to 1600 units, what will be the new price of commodity if `P.e_(S)=2` ?

Text Solution

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`{:(" P 12"),(" P"_(1)" ?,"),(ulbar(Delta"P -1")):}" "{:("Q 1200"),("Q"_(1)" 1600"),(ulbar(DeltaQ" ? ")):}`
`P.e_(S)=(P)/(Q)xx(DeltaQ)/(DeltaP)" or "2=(12)/(1200)xx(400)/(DeltaP)`
`DeltaP=2`
`DeltaP=P_(1)-P" or "2=P_(1)=-12`
`P_(1)=14`
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