The price of a large pizza decreased from $24.00 to $20.00. As a result, the quantity demanded of skateboards increased from 230.00 to 250.00.
1. Using the midpoint formula, what is the percentage change observed for the price of a large pizza? Give your answer to two decimal places.
2. Using the midpoint formula, what is the percentage change observed for the quantity demanded of skateboards? Give your answer to two decimal places.
3. What is the cross-price elasticity of demand between pizzas and skateboards? Give your answer to two decimal places.