Identify the original price and the new price
Identify the original quantity demanded and the new quantity demanded
Calculate the percentage change in quantity demanded
Calculate the percentage change in price
Use the formula: Price Elasticity of Demand = % Change in Quantity Demanded รท % Change in Price
Use the midpoint method if you want a more accurate calculation
Interpret the result: greater than 1 = elastic, less than 1 = inelastic, equal to 1 = unit elastic