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13 February, 15:51

If the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, using the formula for arc price elasticity what is the percentage change in quantity?

A) - 18.18%

B) - 29.89%

C) - 26%

D) - 35.14%

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Answers (1)
  1. 13 February, 16:05
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    (C) - 26%

    Explanation:

    Initial quantity of pizzas demanded = 10,000 slices

    New quantity of pizzas demanded = 7,400 slices

    Change in quantity of pizzas demanded = new quantity demanded - initial quantity demanded = 7,400 - 10,000 = - 2,600 slices

    Percentage change in quantity demanded = (change in quantity of pizzas demanded : initial quantity of pizzas demanded) * 100 = (-2600 : 10,000) * 100 = - 0.26 * 100 = - 26%
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Home » Business » If the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, using the formula for arc price elasticity what is the percentage change in quantity? A) - 18.18% B) - 29.89% C) - 26% D) - 35.
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