Suppose that the quantity of pizza demanded decreased by 15 percent after an increase in price of 10 percent. What is the price elasticity of demand for pizza? Select one: O a. -0.67 O b. 1.50 O c. -1.50 O d. 0.67

Suppose that the quantity of pizza demanded decreased by 15 percent after an increase in price of 10 percent. What is the price elasticity of demand for pizza? Select one: O a. -0.67 O b. 1.50 O c. -1.50 O d. 0.67

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...

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Question

of Microeconomics Spring20 fall20
Suppose that the quantity of pizza demanded decreased by 15 percent after an increase in price of 10 percent.
What is the price elasticity of demand for pizza?
Select one:
O a. -0.67
O b. 1.50
O C. -1.50
O d. 0.67
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