If Ed=2.7 and price increases by 3%, by what percentage and in what direction will quantity demanded change?

And what’s the formula to calculate this?

Given:

Elasticity of Demand = 2.7

Increase in price = 3%

To find:

Change in quantity demanded

Solution:

The percentage change in quantity demanded is the mathematical product of the percentage change in price and elasticity of demand. This can be mathematically represented as,

Since, there is an increase in price, the demand for the product will decrease. Therefore, we can conclude that there will be 8.1% decrease in quantity demanded.

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