Alocal pizzeria sells 500 large pepperoni pizzas per week at a price of $20 each. suppose the owner of the pizzeria tells you that the price elasticity of demand for his pizza is -4, and he asks you for advice. he wants to know two things. first, how many pizzas will he sell if he cuts his price by 10%? second, how will his revenue be affected?
Answers: 1
= 500 Pizzas
= -4 × 0.1
= 0.4
= 0.4
= 700
= $20
= $18
= 500 × 20 =$10000
= 700 × 18 = $12600
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Alocal pizzeria sells 500 large pepperoni pizzas per week at a price of $20 each. suppose the owner...
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