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General economics

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 November 2011 If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs.100 and the quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the price elasticity of demand for the pizzas is?
(a) 0.67
(b) 1.5
(c) 2.0
(d) 3.0
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jyoti bhagchandani

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jyoti bhagchandani (Expert)
23 November 2011 u may use the formula %change in qty demanded/ %change in price.................the ans comes around 1.5

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