Suppose that the price elasticity of demand for insulin is -0.2. If this is true, then an increase in the price will reduce the quantity demanded and the revenue of sellers.

Quantity Demanded reduced by : percentage change i.e  0.2 times percentage change in price

Increase revenue of sellers

Explanation:

Price Elasticity of Demand is responsive change in demand quantity due to price change. Formula = %change in demand / % change in price.

If Ped of Insulin is 0.2 , it means insulin demand will change by % = 0.2 times % change in price.  Eg : If price rise from Rs 100 by 50% & becomes 150 ; quantity will fall by 0.2 x 50 i.e 10% & fall from 100 to 90.

Ped = 0.2 i.e < 1 implies Demand is inelastic. Inelastic Demand has positive relationship between price & total revenue - higher total revenue at higher price, vice versa. Eg : Old TR =  old P x old Q = 100 x 100 = 10000 ; New TR = 150 X 90 = 13500. High TR at high P

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