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Calculate the income elasticity of the pizza demand

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Reference no: EM132492586

a. Use the midpoint method to calculate the elasticity of demand for a rising pizza price of $8 to $10 (i) when income is $ 20,000 (ii) when income is $ 24,000

b. Calculate the income elasticity of the pizza demand if revenue increased from $ 20,000 to $ 24,000 at (i) the price of $ 12 (ii) at at the price of $ 16.

Reference no: EM132492586

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