Toy Cars Price has Increased from 50 to 70p leading to a Demand Reduction from 15 to 10 Cars. What is the PED?

-First, find the % Change in Qd: [15:100& —> 10:67%] -Therefore %Change in Qd is -33% [Negative as its Dropped] -Now % Change in P [50:100% —> 20:40%] -Therefore %Change in P is 40% -Therefore the PED is -33%/40% = -0.83