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

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, when income equals $5,000, what is the price elasticity of demand between $8 and $12?

A) 0.56
B) 0.75
C) 1.33
D) 1.80