00:01
Hello students, we need to write that demand of goods x and y as equal price elastic, the demand of x rise from 100 to 250 unit to a 20 % file in its price.
00:13
Calculate the percentage price in demand y if its price fall by 8 % we need to write.
00:19
So for x, we can write here initial quantity q1 is 100 and final quantity is 250.
00:29
Now, if i write here for this, what we can write here? so, percentage change in price of x.
00:40
We can denote this as percentage change in price of x.
00:51
It can be written something like this.
00:53
And for the other simple, we don't need to write this whole statement of x.
00:58
Is basically, if i write for this unit due to a point, 20 % fall, so minus 20%.
01:08
And if i write here for our y, so what we are given for this percentage fall in y is also given which is minus 8%.
01:25
And we all know what we need to find right here.
01:28
We want to find here percentage rise in demand for y.
01:33
So we all know elasticity of demand is percentage of demand is percentage.
01:38
Percentage so this is percentage change percentage change in quantity of good x divided by percentage change in price of x is basically equals to percentage change in quantity of good y divided by percentage change in price of y.
02:25
We can write here percentage change in price of y.
02:32
Now let us talk about this is 250 minus 100, 250 minus 100 divided by if i write here for this is percentage change in the price of x...