Sopranos is a pizza restaurant. Of the many pizzas that Sopranos makes, one is called the Tony Supreme. The table below shows the price per Tony Supreme pizza and the total revenue earned from its sales for the months of June, July, and August. [Click on the table to open a PDF viewable version in another tab.]
September
Month Price Total
Revenue
June $13 $9,100
July $12 $12,000
August $15 $7,500
X Y
From July to August, Sopranos increased the price of a Tony Supreme pizza by 25%, resulting in 50% fewer pizzas sold. The elasticity of demand (in absolute value) for a Tony Supreme pizza is _____, indicating that a Tony Supreme pizza has a(n) demand.
2.00...elastic
2.00...inelastic
0.50...elastic
0.50...inelastic
