Answer: Quantity demanded will decrease by 15%
Explanation:
The price elasticity of demand shows how much the quantity demanded of a good or service will change in response to a change in the price of the good.
Price elasticity of demand = Percentage change in quantity / Percentage change in price
1.5 = % change in quantity demanded / 10%
% change in quantity demanded = 1.5 * 10%
% change in quantity demanded = 15%
Quantity demanded will decrease by 15%
