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Suppose that your demand schedule for pizza is as follows:
Price
Quantity of Pizzas Demanded
(Income = $20,000)
Quantity of Pizzas Demanded
(Income = $24,000)
(Dollars)
8
40
50
10
32
45
12
24
30
14
16
20
16
8
12
0.10
0.07
if your income is $20,000 and
Using the midpoint method, your price elasticity of demand as the 1.22 f pizzas increases from $10 to $12 is 1.57
0.64 if your income is $24,000.
1.86
as your income increases from $20,000 to $24,000. However, if the price
If the price of a pizza is $10, your income elasticity of demand is 0.07
of a pizza is $14, your income elasticity is 0.10
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Elasticity Using Midpoint Method
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