Refer to the Information Provided in Figure 5

Multiple Choice

Refer to the information provided in Figure 5.3 below to answer the questions that follow. Figure 5.3
-Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger is increased from $8 to $10, the price elasticity of demand equals ________ and demand is ________.

A) 4.5; elastic
B) -0.5; inelastic
C) -4.5; elastic
D) -9.0; inelastic