To determine the price elasticity of demand based on the change in quantity demanded, you would need more information, particularly the percentage change in price corresponding to the change in quantity demanded. The price elasticity of demand (Ed) is calculated using the following formula:
Ed= [tex]\frac{ change in quantity demanded}{Change price}[/tex]
If you have the percentage change in quantity demanded and the percentage change in price, you can use this formula to determine the price elasticity of demand. The interpretation of the elasticity value will tell you whether the good is elastic, inelastic, or unit elastic.
Without information about the percentage change in price, it's not possible to determine the impact on the price of product X based solely on the increase in quantity demanded.
