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,at a price of $8,what is the income elasticity of demand when income rises from $7,500 to $10,000?
A) 0.00
B) 0.41
C) 1.00
D) 2.45

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,at a price of $8,what is the income elasticity of demand when income rises from $7,500 to $10,000?
A) 0.00 
B) 0.41 
C) 1.00 
D) 2.45

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,at a price of $8,what is the income elasticity of demand when income rises from $7,500 to $10,000?
A) 0.00 
B) 0.41 
C) 1.00 
D) 2.45

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