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Deman- Related Pricing Calculation a. Calculate the price elasticity of demand for a restaurants pizza under the following conditions: Old price: $8 Old quantity: 1,000/month

Deman- Related Pricing Calculation

a. Calculate the price elasticity of demand for a restaurants pizza under the

following conditions:

Old price: $8

Old quantity:

1,000/month

Total Revenue: $8,000

New price: $10

New quantity: 900/month

Total revenue: $9,000

b. If the new quantity sold per month were 700 (instead of 900), what would be

the price elasticity of demand?

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