A consumer buys 40 units of a good at a price of Rs. 3 per unit. When price rises to Rs. 4 per unit he buys 30 units. Calculate the price elasticity of demand.
A consumer buys 40 units of a good at a price of Rs. 3 per unit. When price rises to Rs. 4 per unit he buys 30 units. Calculate the price elasticity of demand.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter19: Elasticity
Section19.1: Elasticity: Part 1
Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...
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- A consumer buys 40 units of a good at a
price of Rs. 3 per unit. When price rises to Rs. 4 per unit he buys 30 units. Calculate the price elasticity ofdemand .
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