Question
The price elasticity of import demand is 2. If the price
of the imported good increases by 10%, what will be the approximate percentage change in import volume?Solution
• Price Elasticity of Demand (PED) = % change in quantity demanded ÷ % change in price • Rearranged:          % △Quantity = Elasticity × %△ Price Given: • Elasticity = 2 • Price increases = +10% • Since it's an inverse relationship, the import quantity will decrease:         % △Import Volume = 2 × (+10%) = –20%
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