Suppose that your demand schedule for pizza is as follows: Price (Dollars) Quantity of Pizzas Demanded (Income = $20,000) 8 40 Quantity of Pizzas Demanded (Income = $24,000) 50 10 32 45 2 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 $14 to $16 is and if your income is $24,000. If the price of a pizza is $10, your income elasticity of demand is, of a 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

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