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you are given market data that says when the price of pizza is $4, the quantity demanded of pizza is 60 slices and the quantity demanded of cheese bread is 100
pieces
. When the price of pizza is $2, the quantity demanded of pizza is 80 slices and the quantity demanded of cheese bread is 70 pieces.• Can the Price-Elasticity of Demand be calculated for either good?
• If so, calculate the PEDYou can calculate the PED for pizza, but not for cheese bread.
I am not going to calculate it – you can (my free lectures explain how to calculate it!!!).
But why are you attempting questions for which you do not have an answer? You should be using a Revision Kit from one of the ACCA approved publishers – they contain answers and explanations!!
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