Question
A commodity shows $E_d = (-) 2$. Quantity demanded reduces from $300$ units to $150$ units in response to increase in price. Find the increased price when initially it was $₹20$ per unit.

Answer

Increased price $= ₹ 25.$

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Similar questions

What should the firm's profit, when average variable cost is ₹ 20 per unit, average fixed cost is ₹ 10 per unit, price of the output is ₹ 25 per unit and only 8 units of the output are produced?
"Secondary data is ready for reference, while primary data has to be collected and processed”. Keeping in view the above statement, differentiate between primary data and secondary data.
Two ladies were asked to rank 7 different types of lipstics. The ranks given by them are as follows:
Lipsitics
A
B
C
D
E
F
G
Neelu
2
1
7
3
5
7
6
Neena
1
3
2
4
5
6
7
Calculate Spearman's rank correlation coefficient.
Explain the steps involved in construction of a discrete series.
Giving reason, comment on the shape of production possibilities curve based on the following schedule:
Good-X (Units)01234
Good-Y (Units)20181480
The monthly expenditure (₹) of a family on some important items and the Goods and Services Tax (GST) rates applicable to these items is as follows:
Item Monthly Expense (₹) GST Rate %
Cereals 1500 0
Eggs 250 0
Fish, Meat 250 0
Medicines 50 5
Biogas 50 5
Transport 100 5
Butter 50 12
Babool 10 12
Tomato Ketchup 40 12
Biscuits 75 18
Cakes, Pastries 25 18
Branded Garments 100 18
Vacuum Cleaner, Car 1000 28
Calculate the average tax rate as far as this family is concerned.
Define elasticity of demand. Explain any one method of measuring it.
Distinguish between average revenue and marginal revenue. Mention also the relation between them.
Explain the effect of change in technology on the supply of a good.
How is the equilibrium price of a commodity affected by a leftward shift of the demand curve? Explain with the help of a diagram.