In 2019, the price of a Ford Endeavour rose from 30m Rupee to 30.9m Rupee - Edexcel - A-Level Business - Question 2 - 2022 - Paper 1

From Extract D, the Price Elasticity of Demand (PED) for Ford is -2.75. Using the formula:

$\text{PED} = \frac{\text{Percentage Change in Quantity Demanded}}{\text{Percentage Change in Price}}$

We rearrange to find the Percentage Change in Quantity Demanded:

$\text{Percentage Change in Quantity Demanded} = \text{PED} \times \text{Percentage Change in Price}$

Substituting the values:

$\text{Percentage Change in Quantity Demanded} = -2.75 \times 3 = -8.25\%$

Thus, the quantity demanded decreases by 8.25%.