Suppose that Jin purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the price is $15. What is the price elasticity of Jin's demand curve?
Added by Ivan R.
Step 1
When the price is $15, Jin purchases 3 pizzas per month. Percentage change in quantity demanded = ((3 - 1) / 1) * 100% Percentage change in quantity demanded = (2 / 1) * 100% Percentage change in quantity demanded = 200% Show more…
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