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प्रश्न
A consumer buys 200 units of a good at a price of Rs 20 per unit. Price elasticity of deamnd is (–) 2. At what price will he be willing to purchase 300 units? Calculate.
उत्तर
\[Ed = \frac{\% \Delta Qd}{\% \Delta P}\]
\[ - 2 = \frac{\frac{300 - 200}{200}}{\frac{x - 20}{20}}\]
\[ - 2 = \frac{1}{2} \times \frac{20}{x - 20}\]
\[ - 2 + 40 = 10\]
\[ x = \frac{30}{2}\]
\[ x = 15\]
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संबंधित प्रश्न
Define budget set.
Explain the meaning of Budget line.
Write a budget line equation of a consumer if the two goods purchased by the consumer, Good X and Good Y are priced at Rs 10 and Rs 5 respectively and the consumer's income is Rs 100.
Find Consumption Expenditure from the following:
|
National Income |
= Rs 5,000 |
|
Autonomous Consumption |
= Rs 1,000 |
|
Marginal propensity to consume |
= 0.80 |
What do you mean by the budget set of a consumer?
What is a budget line?
Explain why the budget line is downward sloping.
A consumer wants to consume two goods. The prices of the two goods are Rs 4 and Rs 5 respectively. The consumer’s income is Rs 20.
What is the slope of the budget line?
How does the budget line change if the consumer’s income increases to Rs 40 but the prices remain unchanged ?
What happens to the budget set if the prices as well as the income double?
Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2 if he/she spends her entire income. The prices of two goods are Rs 6 and Rs 8. How much is the consumer’s income?
Suppose a consumer wants to consume two goods that are available only in integer units. The two goods are equally priced at Rs 10 and the consumer’s income is Rs 40.
(i) Write down all the bundles that are available to the consumer.
(ii) Among the bundles that are available to a consumer, identify those that cost will him/her exactly Rs 40.
Answer the following question.
What can cause a change in the budget line? Explain.
Answer the following question:
What is the budget line? Why the budget line is left to right downward sloping?
