- TeX source:
- \begin{aligned}
\% \text { change in quantity } &=\frac{3,000-2,800}{(3,000+2,800) / 2} \times 100 \\
&=\frac{200}{2,900} \times 100 \\
&=6.9 \\
\% \text { change in price } &=\frac{60-70}{(60+70) / 2} \times 100 \\
&=\frac{-10}{65} \times 100 \\
&=-15.4 \\
\text { Price Elasticity of Demand } &=\frac{6.9 \%}{-15.4 \%} \\
&=0.45
\end{aligned}