Problem 12: A consumer buys 80 units of a good at price of 5 per unit. If price elasticity of demand is (-)2, at what price will he buy 64 units?

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2.5P: (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more...
Question
Problem 12: A consumer buys 80 units of a
good at price of 5 per unit. If price elasticity
of demand is (-)2, at what price will he buy 64
units?
Transcribed Image Text:Problem 12: A consumer buys 80 units of a good at price of 5 per unit. If price elasticity of demand is (-)2, at what price will he buy 64 units?
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