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:

Formula For Actions

A predetermined or systematic method for determining the steps to take in a specific circumstance or to achieve a particular outcome.

Who-What-When

The "Who-What-When" framework outlines a method for capturing and organizing basic factual information, often used in planning, documentation, or analysis.

Success

is the achievement of a goal, objective, or desired outcome.

Well-Written Objective

An objective that is clear, measurable, achievable, relevant, and time-bound, guiding actions towards a specific goal.