If the price of ice cream increases from $8 to $10 a gallon, quantity demanded of frozen yogurt increases from 120 to 138 gallons, ceteris paribus. As a result, the percentage change in the quantity demanded of frozen yogurt is O 0.1395 % -0.1395 -13.95% 13.95 %

A pizza restaurant raises the price of their pizza by 20%. As a result, they witness a 10% decrease in the quantity demand of their pizza. What is the price elasticity of demand for this pizza restaurant? O-10 -.25 O -2 O -0.5

If an increase in price from $1 to $2 causes a decrease in quantity demanded from 120 to 100, calculate the price elasticity of demand by using the midpoint method. O 1.2 O 1.3 O 0.27 O 0.5

Consider the market for chocolate chip cookies where the supply is very price elastic which means that Oa 10% percentage increase in price would lead to a greater percentage increase in quantity supplied Oa 15% decrease in price would lead to a smaller percentage increase in quantity supplied Oa 20% increase in price would lead to a smaller percentage decrease in quantity supplied of chocolate chip cookies Oa 15% decrease in price would lead to no percentage change in quantity supplied In the event of a decrease in demand, what is the likely change in market equilibrium? Oa large decrease in price and in quantity Oa large decrease in price and small decrease in quantity Oa small decrease in price and large decrease in quantity Oa small decrease in price and quantity