Answer:
price elasticity of demand = |2.4|
Explanation:
price elasticity of demand = percentage change in quantity demanded / percentage change in price = [(80 - 50) / 50] / [($15 - $20) / $20 = (30/50) / (-$5 / $20) = 0.6 / -0.25 = -2.4
since we are required to give the absolute value, we must convert -2.4 to |2.4|
