Answer:
Suppose at price X, consumer is willing to buy 450 units of goods Y Here,\[{{E}_{d}}=2;\]P=15;\[{{P}_{1}}\]=Rs X,\[\Delta P\]=Rs(X-15) Q= 300 units, \[{{Q}_{1}}\]= 450 units \[\Delta Q\]= (450 - 300) units = 150 units \[{{E}_{d}}\]= Price Elasticity of Demand P= Actual Price, \[{{P}_{1}}\]= New Price Q= Actual Quantity, \[{{Q}_{1}}\]= New Quantity \[\Delta P\] = Change in Price, \[\Delta Q\] = Change in Quantity Price Elasticity of Demand = The consumer will purchase 450 units of good V at the price of Rs.11.25 per unit.
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