Calculate the price elasticity of demand for a product given a demand schedule with two points.

The Price Elasticity of demand refers to the responsiveness of quantity demanded due to a percentage change in the commodity price.

Given the demand schedule:
Point A: Price ($P_A$) = 60, Quantity ($Q_A$) = 20
Point B: Price ($P_B$) = 15, Quantity ($Q_B$) = 40

i. The price elasticity of demand at point A (Point Elasticity)

Step 1: Calculate the slope of the demand curve ($\frac{\Delta Q}{\Delta P}$).

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