P1 = 450
P2 = 350
Q1 = 25000
Q2 = 35000
Percentage change in quantity = 2Q2+Q1Q2–Q1×100
Percentage change in quantity = 235000+2500035000–25000×100=3100
Percentage change in price = 2P2+P1P2–P1×100
Percentage change in price = 2350+450350–450×100=4100
Price elasticity of demand = PercentagechangeinpricePercentagechangeinquantity
Price elasticity of demand = 3100×1004=34=1.333
The price elasticity of demand is 1.333
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