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Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from 8 dollar to 10 dollar if (i) your income is 20,000 dollar and (ii) your income is 24,000 dollar. b. Calculate your income elasticity of demand as your income increases from 20,000 dollar to 24,000 dollar if (i) the price is 12 dollar and (ii) the price is 16 dollar. | Numerade
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