NYU Macroeconomics Worksheet
Description
Suppose that your demand schedule for pizza is as follows:
Price |
Quantity Demanded |
$8 |
50 pizzas |
10 |
45 |
12 |
30 |
14 |
20 |
Question: As the price of pizza increases from $12 to $14, what is the price elasticity of demand? (Use the midpoint method in your calculations, and two decimals for your results).
Price Elasticity of Demand = (Midpoint Methodology)
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