Answer: 4.3%
Explanation:
Given that,
price elasticity of demand = -0.43
% change in price = 10%
price elasticity of demand = [tex]\frac{Percentage\ change\ in\ quantity\ deamnded}{percentage\ change\ in\ price}[/tex]
0.43 = [tex]\frac{Percentage\ change\ in\ quantity\ deamnded}{10}[/tex]
0.43 × 10 = Percentage change in Quantity demanded
Percentage change in Quantity demanded = 4.3%
Therefore, quantity demanded will decline by 4.3%.
