Suppose That in a Month the Price of Pizza Increases

question 261

Multiple Choice

Suppose that in a month the price of pizza increases from $4 to $5. At the same time, the quantity of pizzas demanded decreases from 200 to 190. The price elasticity of demand for pizza (calculated using the midpoint formula) is

• A) 0.1.
• B) 0.23.
• C) 0.25.
• D) 4.35.

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