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

question 497

Multiple Choice

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 $12, what is the income elasticity of demand when income rises from $5,000 to $10,000?

• A)0.00
• B)0.41
• C)1.00
• D)2.45

---

Definitions:

Cultural Norms

Cultural norms are the shared expectations and rules that guide behavior of people within social groups.

Amoral Manager

A type of manager who lacks a clear understanding or concern for the ethical implications of their decisions and actions in the business environment.

Ethical Implications

The moral consequences or considerations associated with a particular action, decision, or policy, evaluating its rightness or wrongness.

Utilitarian Benefits

Utilitarian benefits refer to the functional or practical advantages that consumers receive from using a product or service, emphasizing usability and efficiency.