General economics
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 November 2011
If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs.100 and the quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the price elasticity of demand for the pizzas is?
(a) 0.67
(b) 1.5
(c) 2.0
(d) 3.0
Please explain the method in detail.
REGARDS,,,,
(a) 0.67
(b) 1.5
(c) 2.0
(d) 3.0
Please explain the method in detail.
REGARDS,,,,
23 November 2011
u may use the formula %change in qty demanded/ %change in price...................................if u use so the ans comes around 1.5
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