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, at a price of $16, what is the income elasticity of demand when income rises from $5,000 to $10,000?

A) 0.00
B) 0.50
C) 1.00
D) 1.50