The question that I need help with the following problem. The numbers in parenthesis are the options for the correct answer that I have for this problem.

Price Quantity of Pizzas Demanded Quantity of Pizzas Demanded

(Dollars) (Income=$20,000) (Income=$24,000)

8 40 50

10 32 45

12 24 30

14 16 20

16 8 12

Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $10 to $12 is (0.45, 0.64, 1.57, or 2.20) if your income is $20,000 and (0.64, 2.20, 0.45, or 1.57) if your income is $24,000.

If the price of pizza is $10, your income elasticity of demand is (1.86, 0.07, 0.10, or 1.22) as your income increases from $20,000 to $24,000. However, if the price of a pizza is $14, your income elasticity is (1.22, 0.07, 0.10, or 1.86).