Elaborate on the concept of Point Price Elasticity with the help of a numerical example.

Point price elasticity of demand is a crucial concept in managerial economics that measures the responsiveness of quantity demanded to a change in price at a specific point on the demand curve. It quantifies the percentage change in quantity demanded resulting from a one percent change in price. Mathematically, point price elasticity of demand (E) is expressed as:

\[ E = \frac{{\% \text{ change in quantity demanded}}}{{\% \text{ change in price}}} \]

Where:
- \( \% \text{ change in quantity demanded} = \frac{{\text{Change in quantity demanded}}}{{\text{Original quantity demanded}}} \times 100 \)
- \( \% \text{ change in price} = \frac{{\text{Change in price}}}{{\text{Original price}}} \times 100 \)

A point price elasticity value greater than 1 indicates elastic demand, meaning a one _________ _____ ____ ___ ___ _____ ____ ____ _____ ________ __________ __________.
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