Question
The price of a large pizza decreased from $18.00to $14.00.As a result, the quantity demanded of skateboards increased from300.00to320.00. Part 1(1point) Using the midpoint formula,
The price of a large pizza decreased from $18.00to $14.00.As a result, the quantity demanded of skateboards increased from300.00to320.00.
Part 1(1point)
Using the midpoint formula, what is the percentage change observed for the price of a large pizza? Give your answer to two decimal places.
%
Part 2(1point)
Using the midpoint formula, what is the percentage change observed for the quantity demanded of skateboards? Give your answer to two decimal places.
%
Part 3(1point)
What is the cross-price elasticity of demand between pizzas and skateboards? Give your answer to two decimal places.
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