Author Question: Suppose the price of take-out pizza has been stable for many months at exactly $12.50 per pizza - ... (Read 74 times)

kaitlynndavis · **on:** Oct 12, 2022

Question 1

Every month Olivier buys exactly 6 take-out pizzas even though the price may fluctuate significantly. Apparently, Olivier's price elasticity of demand for take-out pizza is
◦ infinity.
◦ 0.
◦ 6.
◦ -1.
◦ 1.

Question 2

Suppose the price of take-out pizza has been stable for many months at exactly $12.50 per pizza - and Olivier buys 6 pizzas per month at this price. When the price rises to $12.55 per pizza, Olivier's quantity demanded drops to zero. Apparently, Olivier's price elasticity of demand for take-out pizza is
◦ 0.
◦ 100
◦ -1.
◦ higher than 10 000.
◦ 6.

jojomac20 · **Reply #1 on:** Oct 12, 2022

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