Answer / Shiv Ram

Given a price elasticity of demand (PED) of 2, we can calculate the percentage change in quantity demanded when the price increases by 10%. According to the elasticity formula, PED = (% change in Quantity Demanded) / (% change in Price). If PED is 2, then (% change in Quantity Demanded) = PED * (% change in Price). In this case, (% change in Quantity Demanded) = 2 * 10% = 20%. So, the quantity demanded falls by 20%. This fall in demand occurs due to the price sensitivity of the product (textbooks) as an increase in their price results in a significant decrease in the amount consumers are willing to purchase.

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