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A local pizzeria sells 500 large pepperoni pizzas per week at a price of $20 each Suppose the owner of the pizzeria tells you that the price elasticity of demand for his pizza is and he asks you

A local pizzeria sells 500 large pepperoni pizzas per week at a price of $20 each. Suppose the owner of the pizzeria tells you that the price elasticity of demand for his pizza is -2, and he asks you for advice. He wants to know two things. First, how many pizzas will he sell if he cuts his price by 10%? Second, how will his revenue be affected?

 

Apr 01 2020 View more View Less

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