-The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs is unit elastic at which of the following prices?
A) $10
B) $7
C) $5
D) $1

Question

-The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs is unit elastic at which of the following prices?
A) $10 
B) $7 
C) $5 
D) $1

Quizplus · Accepted Answer

Unit elastic demand occurs when the percentage change in quantity demanded is equal to the percentage change in price. This typically happens at the midpoint of a linear demand curve. Without the specific demand schedule, $5 is often a common midpoint price in such scenarios.

-The Above Table Gives the Demand Schedule for Billy Bob's