a. Calculate the price elasticity of demand for a restaurant's pizza under the following conditions: Old Price:

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a. Calculate the price elasticity of demand for a restaurant's pizza under the following conditions:

Old Price: $8

old amount: 1,000/mes

Total income: $8,000

New price: $10

New amount: 900/month

Total income: $9,000

b. If the new quantity sold per month were 700 (instead of 900), what would be the price elasticity of demand?

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Aug 02, 2023 06:23 AM

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a. Calculate the price elasticity of demand for a restaurant's pizza under the following conditions: Old Price:

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a To calculate the price elasticity of demand PED we can use the formula PED Percentage change in qu... View the full answer

Microeconomics An Intuitive Approach with Calculus

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