Suppose that the ingredients required to bring their a slice of pizza to market and respective costs are as listed in the table:
Paper plate…………………… 2 cents
Flour…………………… 8 cents
Tomato sauce…………………… 20 cents
Cheese …………………… 30 cents
Labor (3 minutes @ $ 12/hour)…… 60 cents
If these proportions remain the same no matter how many slices are made, and the inputs can be purchased in any quantities at the stated prices, draw the supply curve of pizza slices and compute its price elasticity.