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Price Dummy demanded {dollars Ear E223] [Elma Ear do!) In [DH '3 115 The data in the table above give two points on the demand

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Price Dummy demanded {dollars Ear E223] [Elma Ear do!) In [DH '3 115 The data in the table above give two points on the demand curve for pizza. "When the price of a pizza falls from $10 to $9. at the midpoint between these two prices \"hat is the price elasticity of demand? 1. Calculate the Elasticity of Demand 2. Is the item Elastic. Unit Elastic. or Inelastic 3. Would you advise lowering the price'.1 Explain Response should have the owing format. 1. 2

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