Table 5-5
The following table shows a portion of the demand schedule for a particular good at various levels of income.

-Refer to Table 5-5.Using the midpoint method,when income equals $7,500,what is the price elasticity of demand between $16 and $20?
A) 0.56
B) 0.75
C) 1.33
D) 1.80

Question

Table 5-5
The following table shows a portion of the demand schedule for a particular good at various levels of income.
 
-Refer to Table 5-5.Using the midpoint method,when income equals $7,500,what is the price elasticity of demand between $16 and $20?
A) 0.56 
B) 0.75 
C) 1.33 
D) 1.80

Quizplus · Accepted Answer

The Answer of Table 5-5
The following table shows a portion of the demand schedule for a particular good at various levels of income.
 
-Refer to Table 5-5.Using the midpoint method,when income equals $7,500,what is the price elasticity of demand between $16 and $20?
A) 0.56 
B) 0.75 
C) 1.33 
D) 1.80

Table 5-5 The Following Table Shows a Portion of the Demand Schedule