University of Southern California Elasticity Using Midpoint Method Questions

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Economics

University of Southern California

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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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