Refer to the Table Above

question 119

Multiple Choice

Refer to the table above.Starting at a $5 price,at what price range does demand become inelastic?

• A) $1-2
• B) $2-3
• C) $3-4
• D) $4-5 At $2-3,the change is (30 - 40)/(30 + 40)= 0.143 and the percent in price is (3 - 2)/(3 + 2)= 0.20.Thus,elasticity is 0.143/0.20 = 0.714,which is inelastic.

---

Definitions:

Hawaii

An archipelago and the 50th state of the United States located in the central Pacific Ocean, known for its diverse culture and natural beauty.

Afro-Caribbeans

People of African descent living in the Caribbean islands, many of whose ancestors were brought to the region through the transatlantic slave trade.

African Immigrants

Individuals from Africa who have moved to a new country with the intention of settling there.

College Educated

Refers to individuals who have completed a degree program at a college or university, often implying a level of education beyond high school.