The following table contains a monthly demand and supply schedule for large, single- topping, carry-out pizza Pizza Price (per pack) Quantity demanded for pizza (per pack) Quantity supplied for pizza (per pack) Quantity demanded for good Y $21 6000 7900 6000 $19 7000 7200 8000 $17 8000 6500 10000 (A) Calculate the price elasticity Of demand (PED) for good X when price fall from S 19 to $ 17. (B) Suppose you are the sellers of pizza based on the value of PED obtained In your answer for Question(A), would you or would you not raise the price of pizza? Why? (C)What S the cross elasbcity of demand (CED) of Good Y when price of carry-out pizza fall from $19 to S17? How is pizza and the Good Y related?
The following table contains a monthly demand and supply schedule for large, single- topping, carry-out pizza Pizza Price (per pack) Quantity demanded for pizza (per pack) Quantity supplied for pizza (per pack) Quantity demanded for good Y $21 6000 7900 6000 $19 7000 7200 8000 $17 8000 6500 10000 (A) Calculate the price elasticity Of demand (PED) for good X when price fall from S 19 to $ 17. (B) Suppose you are the sellers of pizza based on the value of PED obtained In your answer for Question(A), would you or would you not raise the price of pizza? Why? (C)What S the cross elasbcity of demand (CED) of Good Y when price of carry-out pizza fall from $19 to S17? How is pizza and the Good Y related?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The following table contains a
monthly demand and supply
schedule for large, single-
topping, carry-out pizza
| Pizza |
Quantity demanded for pizza (per pack) |
Quantity supplied for pizza (per pack) |
Quantity demanded for good Y |
| $21 | 6000 | 7900 | 6000 |
| $19 | 7000 | 7200 | 8000 |
| $17 | 8000 | 6500 | 10000 |
(A) Calculate the price elasticity Of
demand (PED ) for good X when
price fall from S 19 to $ 17.
(B) Suppose you are the sellers of
pizza based on the value of
PED obtained In your answer for Question(A), would you or would you not raise the
price of pizza? Why?
(C)What S the cross elasbcity of
demand (CED) of Good Y when
price of carry-out pizza fall
from $19 to S17? How is pizza
and the Good Y related?
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