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Course Hero * Southern New Hampshire Univer x Home X B 3-1 Quiz - ECO-201-T2864 Micro x MindTap - Cengage Learning * f Messenger | Facebook X + X ng.cengage.com/staticb/ui/evo/index.html?deploymentld=5981412353502464190243042516&eISBN=9780357133576&id=1327466365&snapshotld=2654212& Ramel CENGAGE |MINDTAP Q Search this course ? My Home Module Three Quiz X Courses Back to Assignment Catalog and Study Tools Attempts Keep the Highest / 2 A-Z Rental Options 6. Law of Demand 2 College Success Tips Suppose that your demand schedule for pizza is as follows: Career Success Tips Price ? Help Quantity of Pizzas Demanded Quantity of Pizzas Demanded (Dollars) (Income = $20,000) (Income = $24,000) Give Feedback 40 50 10 32 45 12 24 30 14 16 20 16 8 12 Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $10 to $12 is 0.45 - if your income is $20,000 and 0.64 if your income is $24,000. At If the price of a pizza is $10, your income elasticity of demand is 1.86 Was your income increases from $20,000 to $24,000. However, if the price of a pizza is $14, your income elasticity is 0.07 Grade It Now Save & Continue O Continue without saving 9 8 3:22