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A consumer spends Rs 60 on …

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A consumer spends Rs 60 on a good priced at Rs 5 per unit when price falls by 20 percent , the consumer continues to spend Rs 60 on the good . Calculate price elasticity of demand by percentage method .

    • Posted by Zeel Parekh 7 years, 6 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Aarnav Batra 7 years, 6 months ago

    P=5 Therefore Q=60/5=12 P1=5-20%of5=5-4=1 Therefore Q1=60/4=15 %change in qty = 25% Ed=- %change in qty / %change in price =-25/-20 =1.25

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