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Elasticity of demand for pizzas

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Reference no: EM132123963

You run a small pizza shop named Pizza Hat. Initially you sold pizzas for $8 and every week you sold around 3000 pizzas. Each pizza costs you $3 to make. One day you decided to over discounts to customers to see if you can boost sales signicantly. So you slashed the price to $6, and it turned out that you can sell 3000 more pizzas. Hence you conclude that the elasticity of demand for your pizzas at $8 is ________. Suppose the elasticity of demand is constant (does not vary with price). In order to maximize the prots, you should set the price at $_________.

Reference no: EM132123963

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