Price Elasticity of Demand = (Percentage Change in Quantity Demanded) / (Percentage Change in Price) x 100 First, let's calculate the percentage change in quantity demanded: Percentage Change in Quantity Demanded = ((New Quantity Demanded - Initial Quantity Demanded) / Initial Quantity Demanded) x 100 Percentage Change in Quantity Demanded = ((80 - 100) / 100) x 100 = -20% Next, let's calculate the percentage change in price: Percentage Change in Price = ((New Price - Initial Price) / Initial Price) x 100 Percentage Change in Price = ((10 - 8) / 8) x 100 = 25%
