### Midpoint method-calculate income elasticity of demand

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Over a period of two years, average income in Collegetown increased from \$1,000 to \$1,400. During the same period, the quantity of pizza demanded increased from 6,000 per month to 10,000 per month. Assuming everything else constant, use the midpoint method to calculate (show your work) the income elasticity of demand for pizza in Collegetown.

#### Compute the lerner index for the monopoly described

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