Answer to Question #218862 in Economics for yoyo

Question

1.     If the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, using the formula for arc price elasticity

i.            What is the percentage change in price?

ii.            What is the percentage change in quantity?

iii.            What is the level of elasticity?

iv.            What is the interpretation the result

Answer 1

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