Table 5-7
The following table shows a portion of the demand schedule for a particular good at various levels of income.
-Refer to Table 5-7. 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 5-7
The following table shows a portion of the demand schedule for a particular good at various levels of income. 
-Refer to Table 5-7. 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 5-7
The following table shows a portion of the demand schedule for a particular good at various levels of income. 
-Refer to Table 5-7. 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 5-7 The Following Table Shows a Portion of the Demand Schedule