In the context of agriculture, if the price of wheat increases by 10% and the quantity demanded decreases by 5%, what is the price elasticity of demand for wheat?

Price elasticity of demand measures how much the quantity demanded of a good changes when its price changes. In this case, when the price of wheat increases by 10%, the quantity demanded decreases by 5%. To find the price elasticity of demand, we divide the percentage change in quantity demanded by the percentage change in price. This gives us -5% divided by 10%, which equals -0. 5.