Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Suppose that your demand schedule for pizza is as follows:Price Quantity of Pizzas Demanded(Dollars)(Income = $20,000)840103224168121416Quantity of Pizzas Demanded(Income = $24,000)5045302012Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $10 to $12 isand if your income is $24,000.if your income is $20,000If the price of a pizza is $10, your income elasticity of demand is as your income increases from $20,000 to $24,000. However, if the price of apizza is $12, your income elasticity is

Price elasticity of demand refers to a measure to explain the responsiveness of the quantity…

Suppose that your demand schedule for pizza is as follows: Price (Dollars) 8 10 12 14 16 Quantity of Pizzas Demanded Quantity of Pizzas Demanded (Income = $20,000) (Income = $24,000) 40 32 24 16 8 5 42 2 If the price of a pizza is $10, your income elasticity of demand is pizza is $12, your income elasticity is 50 45 30 20 12 Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $10 to $12 is if your income is $20,000 if your income is $24,000. and as your income increases from $20,000 to $24,000. However, if the price of a