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, 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 5-7
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, 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 5-7
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, 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 5-7 The Following Table Shows a Portion of the Demand Schedule