Multiple Choice
Using Excel, Big Pies Pizzas estimates the log- linear weekly demand function for their pizza to be ln Qd = 8.23 - (1.50 × ln P) . Which of the following statements is true?
A) The price elasticity of demand for Big Pies Pizzas increases as the price of the pizzas increases.
B) The demand for Big Pies Pizzas is elastic.
C) The demand for Big Pies Pizzas is inelastic.
D) The price elasticity of demand for Big Pies Pizzas decreases as the price of the pizzas decreases.
Correct Answer:
Verified
Correct Answer:
Verified
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