1. Last Friday, the price of pizza was Ph 100 a box, and Michael was willing to buy 10 boxes. Today, the price has gone up to Php 150 a box, and Michael is now willing to buy 8 boxes. Is Michaels demand for pizza elastic or inelastic? What is Michael's elasticity of demand?
1. Last Friday, the price of pizza was Ph 100 a box, and Michael was willing to buy 10 boxes. Today, the price has gone up to Php 150 a box, and Michael is now willing to buy 8 boxes. Is Michaels demand for pizza elastic or inelastic? What is Michael's elasticity of demand?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 3QR
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