י 6. Law of Demand 2 Suppose that your demand schedule for pizza is as follows: Price (Dollars) Quantity of Pizzas Demanded Quantity of Pizzas Demanded (Income $20,000) (Income $24,000) 8 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 $8 to $10 is and if your income is $24,000. If the price of a pizza is $10, your income elasticity of demand is pizza is $14, your income elasticity is if your income is $20,000 as your income increases from $20,000 to $24,000. However, if the price of a

י 6. Law of Demand 2 Suppose that your demand schedule for pizza is as follows: Price (Dollars) Quantity of Pizzas Demanded Quantity of Pizzas Demanded (Income $20,000) (Income $24,000) 8 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 $8 to $10 is and if your income is $24,000. If the price of a pizza is $10, your income elasticity of demand is pizza is $14, your income elasticity is if your income is $20,000 as your income increases from $20,000 to $24,000. However, if the price of a

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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