`E_(P)` of a good is -3 . At a price of Rs. 8 per unit a consumer busy 160 units of the good . How many units of the good will the consumer buy when price falls to Rs. 6 per units ?
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A consumer buys 80 units of a good at a price of Rs. 4 per unit . When the price falls , he buys 100 If price elasticity of demand is (-) 1, find out
`E_(p)=(P)/(Q)xx(DeltaQ)/(DeltaP)` `(-)1=(40)/(80)xx(20)/(DeltaP)` `(-)1=(1)/(DeltaP)` `DeltaP=-1` New price `=P+DeltaP=4+(-1)=Rs.3`.
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A consumer busy 40 units of a commodity at a price of Rs. 5 per unit and his price elasticity of demand is (-) 1.5 . Calculate the amount he will buy
`E_(P)=(P)/(Q)xx(DeltaQ)/(DeltaP)` `(-)1.5=(5)/(40)xx(DeltaQ)/(-1)` `DeltaQ=12` New `Q=Q+DeltaQ=40+12=52` units . Note : In this problem , we have taken minus sing into consideration both in case of `E_(P) and DeltaP`.
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A consumer spends Rs. 80 on a commodity when its price is Rs. 1 per unit and spends Rs. 96 when the price is Rs. 2 per unit . What is the price elasti
Given `{:("P"," Exp.","Qd.=Exp"divP),(1," "80," "80),(2," "96," "48):}` `E_(P)=(P)/(Q)xx(DeltaQ)/(DeltaP)xx(1)/(80)xx(-32)/(1)=(-)0.4.`
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Price elasticity of demand of a good is (-) 2. At a price of Rs. 10 per unit 40 units of this good are bought . How units will be bought at a price of
`E_(P)=(P)/(Q)xx(DeltaQ)/(DeltaP)` `(-)2=(10)/(40)xx(DeltaQ)/(1)` `(-)80=10DeltaQ` `DeltaQ=-8` New `Q=Q+DeltaQ=40+(-8)=32` units.
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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
`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+...
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Price elasticity of demand of a good is (-)2. The consumer buys a certain quantity of this good at a price of Rs. 8 per unit . When the price falls he
`E_(P)=(% "change in " Q_(d))/(% " change in P")` `(-)2=(50%)/(% " change in P")` `%` Change in P `=(50)/(-2)=-25%` New `P=P+%` change in P `=8+(-25% " change of " 8)...
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When price of a good is Rs. 13 per units , the consumer buys 11 units of that good . When price rises to Rs. 15 per unit , the consumer continues to b
`E_(P)=(P)/(Q)xx(DeltaQ)/(DeltaP)=(13)/(11)xx(0)/(2)=0`
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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
`{:(" 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.
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The price of a commodity is Rs.12 per unit and its quantity supplied is 500 units. When its price rises to Rs. 15 per unit , its quantity supplied ris
`E_(s)=(P)/(Q_(s))xx(DeltaQ_(s))/(DeltaP)=(12)/(500)xx(150)/(3)=1.2` Yes, the supply is elastic because `E_(s) gt 1`
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`E_(P)` of a good is -4. When price of this good rises from Rs. 5 to Rs. 6 per unit , a consumer busy 40 units less . How many units did he buy at Rs.
Correct Answer - 50 units
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