Scenario: Suppose the maker of a designer handbag decreased the price of a new bag by $70 with quantity of 2,800. Last week, the bag was decreased in price by $60 with a quantity of 3,000. The change in quantity would be calculated as such: Change In Quanity The change in price would be calculated as such: Change in Price Therefore the price elasticity of demand is calculated as such: Price elasticity of demand Suppose instead the bag price is decreased by $50 with a quantity of 3,200. Remember, last week the bag was decreased in price by $60 with a quantity of 3,000. Calculate and share what the % of change in quantity was. Likewise, calculate what the % change in price was. Finally, what was the price elasticity of demand?