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Querist : Anonymous

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Querist : Anonymous (Querist)
03 November 2011 what is original price of commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs.10?

please show how to calculate?
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VISHRUT

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VISHRUT (Expert)
03 November 2011 The price will Rs. 6.45

The difference of Unit = 5

Price Elasticity = 0.71

Change in Price = 5*0.71
= 3.55

Old Price = 10 - 3.55

Rs. 6.45

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