A pizza restaurant raises the price of their pizza by 20%. As a result, they witness a 10% decrease in the quantity demand of their pizza. What is the price elasticity of demand for this pizza restaurant? Group of answer choices -0.5 -.25 -2 -10
A pizza restaurant raises the price of their pizza by 20%. As a result, they witness a 10% decrease in the quantity demand of their pizza. What is the price elasticity of demand for this pizza restaurant? Group of answer choices -0.5 -.25 -2 -10
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...
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A pizza restaurant raises the price of their pizza by 20%. As a result, they witness a 10% decrease in the quantity demand of their pizza. What is the price elasticity of demand for this pizza restaurant?
Group of answer choices
-0.5
-.25
-2
-10
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