Question:
Suppose the price elasticity of demand for a good is (-)1. At a price of ₹4 per unit, demand for the good is 40 units. Suppose the price of the good increases to ₹6 per unit, and as a result, the demand for the good will be_____
Suppose the price elasticity of demand for a good is (-)1. At a price of ₹4 per unit, demand for the good is 40 units. Suppose the price of the good increases to ₹6 per unit, and as a result, the demand for the good will be_____
Updated On: Oct 18, 2024
- 10 units
- 20 units
- 30 units
- 40 units
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The Correct Option is B
Solution and Explanation
The correct option is (B) :20 units
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