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Suppose that your demand schedule for pizza is as follows:
a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases
from $8 to $10 if (i) your income is $20,000 and (ii) your income is $24,000.
b. Calculate your income elasticity of demand as your income increases from $20,000 to $24,000 if (i) the price is $12 and (ii) the price is $16.

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Joshua Stredder
Joshua StredderLv10
30 Sep 2020

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