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Calculate the price elasticity of demand for a restaurant

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Reference no: EM132170191

Question - Demand-related pricing calculations

a. Calculate the price elasticity of demand for a restaurant's pizza under the following conditions:

Old price: $12

Old quantity: 1500/month

Total Revenue: $18,000

New price: $15

New quantity: 1000/month

Total revenue: $15,000

b. If the new quantity sold per month were 800 (instead of 1000), what would be the price elasticity of demand?

Reference no: EM132170191

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