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

question 594

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 $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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Definitions:

Producers

Individuals or entities that create goods or services through the combination of labor, land, and capital.

Good-byes

Expressions used to bid farewell or express parting.

Caregivers

Individuals who provide care and support to someone with health-related needs or disabilities, often a family member or a professional service provider.

Children

Young human beings who are not yet adults, typically considered to be persons under the age of 18.