suppose that your demand schedule for pizza is follows pice: $8,$10,$12,$14,$16 quantity demanded ( income $16.000): 40,32,24,16,8 quantity demanded (income $20.000): 50,45,30,20,12 a. use the midpoint method t calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is $16,000 and (ii) your income is $20,000. b. calculate your income elasticity of demand as your income increases from $16,000 to $20,000 if (i) the price is $12 and (ii) the price is $16

/in /by

Suppose that your demand schedule for pizza is follows

pice: $8,$10,$12,$14,$16

quantity demanded ( income $16.000): 40,32,24,16,8

quantity demanded (income $20.000): 50,45,30,20,12

a. use the midpoint method t calculate your price elasticity of demand
as the price of pizza increases from $8 to $10 if (i) your income is
$16,000 and (ii) your income is $20,000.

b. calculate your income elasticity of demand as your income increases
from $16,000 to $20,000 if (i) the price is $12 and (ii) the price is
$16

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