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Problem: Suppose that your demand schedule for pizza is as follows: Quantity Demanded Quantity Demanded
Price (income 5 $20,000) (income 5 $24,000)
$8 40 pizza 50 pizza
10 32 45
12 24 30
14 16 20
16 8 12
a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is $20,000 and (ii) your income is $24,000.
b. Calculate your income elasticity of demand as your income increases from $20,000 to $24,000 if (i) the price is $12 and (ii) the price is $16.
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for the paper you will need to discuss the difference between the cpi measure of inflation as collected by the bureau
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