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

question 37

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, calculate the arc price elasticity.

• A)-1.92
• B)-1.64
• C)-4
• D)-2

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Definitions:

Monotonous

Lacking in variety and interest; tediously unvarying.

Dopamine

A neurotransmitter involved in reward, pleasure, and motor function in the brain.

Attraction

The feeling of being drawn towards someone or something, often due to physical, emotional, or psychological factors.