Suppose that your demand schedule for pizza is as follows:
Price Quantity of Pizzas Demanded Quantity of Pizzas Demanded
(Dollars) (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 is if your income is $20,000 and if your income is $24,000.
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Suppose that your demand schedule for pizza is as follows:
Price Quantity of Pizzas Demanded Quanti...
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