A local pizzeria raised its price from £9 to £11 for each pizza and the sales of its pizza decreased from 150 to 100 per day. What is the price elasticity of demand in this case?
Select ONE answer:
- -1/2
- 1/2
- -2
- 2
Show your workings to arrive at your answer, and explain and justify your reasons:
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This is a multiple choice question is suitable for Economics KS5 classes.
The answer is 4
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