-The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is
A) 1.0.
B) 2.0.
C) 2.6.
D) 5.0.

Question

-The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is
A) 1.0. 
B) 2.0. 
C) 2.6. 
D) 5.0.

Quizplus · Accepted Answer

The price elasticity of demand is calculated using the formula: (percentage change in quantity demanded) / (percentage change in price). Between $6.00 and $7.00, the percentage change in price is (7-6)/6 = 16.67%, and the percentage change in quantity demanded can be calculated from the demand schedule. The elasticity is approximately 2.6.

-The Table Above Gives the Demand Schedule for Snow Peas