The value of price elasticity of demand is -4.
The price elasticity of demand refers to how a particular good responds as a result of a change in the price. In this case, the price elasticity of demand is calculated as:
= Percentage change in quantity/ Percentage change in price.
Since a 10% increase in price leads to a 40% decrease in quantity demanded, the price elasticity will be:
= - 40% / 10%
= -4.
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