1. Last Friday, the price of pizza was Ph 100 a box, and Michael was willing to buy 10 boxes. Today, the price has gone up to Php 150 a box, and Michael is now willing to buy 8 boxes. Is Michaels demand for pizza elastic or inelastic? What is Michael's elasticity of demand?
1. Last Friday, the price of pizza was Ph 100 a box, and Michael was willing to buy 10 boxes. Today, the price has gone up to Php 150 a box, and Michael is now willing to buy 8 boxes. Is Michaels demand for pizza elastic or inelastic? What is Michael's elasticity of demand?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![1. Last Friday, the price of pizza was Ph 100 a box, and Michael was willing to buy 10 boxes. Today,
the price has gone up to Php 150 a box, and Michael is now willing to buy 8 boxes. Is Michaels
demand for pizza elastic or inelastic? What is Michael's elasticity of demand?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65a8d630-2028-4855-ad65-5d3a70945ca6%2Fb88da4d0-50a8-4964-b466-c5d7afb4bdb1%2Fphxw6yn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. Last Friday, the price of pizza was Ph 100 a box, and Michael was willing to buy 10 boxes. Today,
the price has gone up to Php 150 a box, and Michael is now willing to buy 8 boxes. Is Michaels
demand for pizza elastic or inelastic? What is Michael's elasticity of demand?
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