The expected change in the quantity demanded for peanut butter is decreased by 4.5%.
The term Elasticity refers to the Change and demand refers to the willingness and ability to purchase a particular product. Thus the Elasticity of Demand refers to the Change in the level of the demand in response to the change in the price that too in large.
Price Elasticity = percentage change in the quantity demand/ percentage change in price of the butter
0.3 = x/15%
x = 4.5%
Therefore the quantity demanded of the peanut butter will be declined by 4.5%
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