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Sagot :
It means that quantity demanded will increase by 3.5% for every 1% decrease in price.
What is the price elasticity of demand?
Price elasticity of demand measures the percentage change in quantity demanded when the price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes. When price increases, quantity demanded decreases by more of than the percentage change in price. When price increases, the quantity demanded declines.
To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846
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