When the price of a product increases by 15 percent and quantity demanded falls by 10 percent we can conclude that the product for this product is inelastic.
To get why the demand is inelastic we have to solve for price elasticity of demand.
Elasticity of demand = percentage change in Quantity / Percentage change in price.
Change in quantity = 10 percent
Change in price = 15 percent
Elasticity = 10/15
= 0.67
The demand is inelastic because 0.67 is less than 1.
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