If the Price of a Slice of Pizza Rises from $2.50

question 67

Multiple Choice

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, what is the percentage change in quantity?

• A)-18.18%
• B)-29.89%
• C)-26%
• D)-35.14%

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Definitions:

Simplification (Simp)

The process of making something less complicated or easier to understand.

Disjunctive Addition (Add)

A rule in propositional logic that allows the introduction of an additional disjunct to an existing disjunction.

Double Negation (DN)

A rule of equivalence in propositional logic permitting the following substitution: p :: ~~p.

Modus Ponens (MP)

A valid argument form in logic where, if 'P implies Q' is true and 'P' is true, then 'Q' must also be true.