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Is the demand for pizza relatively more elastic or inelastic

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Reference no: EM131041469

Janet Gordon and Phil Hopkins graduated several years ago with M.S. degrees in accounting and set up a full-service accounting firm. Janet and Phil have many small business clients and have noticed some pricing trends while compiling annual financial statements. The following data are for five of the pizza parlors which are Janet and Phil's clients:

 

Quantity Sold

Average Price

Mamma Mia's

18,000

$10.00

Happy Time Pizza

21,000

7.90

Keg and Pie Pizza

22,000

8.00

Fast Freddy's Pizza

30,000

7.00

Pizza-pizza

24,000

7.50

Required:

1. Is the demand for pizza relatively more elastic or inelastic?

2. What type of market structure characterizes the pizza industry? How do you suppose that Mamma Mia's can charge so much more per pizza than Fast Freddy's does?

Reference no: EM131041469

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