Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate
Question:
Suppose that your demand schedule for pizza is as follows:
a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if
(i) Your income is $20,000 and
(ii) Your income is $24,000.
b. Calculate your income elasticity of demand as your income increases from $20,000 to $24,000 if
(i) The price is $12
(ii) The price is $16.
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a If your income is 20000 your price elasticity of demand as the price of pizzas rises from 8 t...View the full answer
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