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Sagot :
The consumer will buy 56 Units
Procedure to solve
Δp = 20% of 15
Δp = 20/100 × 15
Δp = 3
e = 0.6
Formula:
e = (Δq/Δp)×p/q
0.6 = (Δq/-3)×15/50
0.6 × (-3) = Δq × 0.3
Δq = 1.8/0.3 = 6
Price decreases and quantity increases
Therefore
q' = q+Δq
q' = 50+6
q' = 56
p is the given price, q is the given quantity, Δp is the change in price, Δq is the change in quantity, e is the elasticity, q' is the new quantity.
Price Elasticity
The price elasticity of demand can be said to be an economic measure of the increase in the quantity of commodity demands or consumes in relationship to its change in price.
The price elasticity of demand refers to the percentage change in the quantity demanded of goods divided by the percentage change in the price.
Learn more about elasticity here:
https://brainly.com/question/14450755
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