Table 5-2 The Following Table Shows a Portion of the Demand Schedule

question 364

Multiple Choice

Table 5-2
The following table shows a portion of the demand schedule for a particular good at various levels of income.

-Refer to Table 5-2.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

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