When Price of a Commodity Falls by Rs 1 per Unit, Its Quantity Demanded Rises by 3 Units. Its Price Elasticity of Demand is (−) 2. Calculate Its Quantity Demanded If the Pric - Economics
When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit.
Initial Price (P)=Rs 10
Initial Qunatity (q)=x
Or,x=15 `"units(Initial Quantity Demanded)"`
Concept: Factors Affecting Price Elasticity of Demand
Is there an error in this question or solution? Report Error why create a profile on Shaalaa.com? 1. Inform you about time table of exam. 2. Inform you about new question papers. 3. New video tutorials information. Login / Register