Calculate the price elasticity of demand for medium pizzas

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When the price of pizza was $10.00 for a medium pizza, students at SUNY Canton consumed 600 pizzas per week. When the price of pizza increased to $15.00 for a medium pizza, students at SUNY Canton consumed 500 pizzas per week. Calculate the price elasticity of demand for medium pizzas for SUNY Canton students. You must show your work to receive credit for your calculation. If the price of pizza increases by 1%, by what will the percentage change in quantity demanded of pizzas for SUNY Canton students?

Reference no: EM13936258

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