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Question
Refer to the accompanying table. When the price drops from $5 to $3, price elasticity of demand for sushi (using the midpoint method) at an income of $30,000 is
Price (per roll) | Quantity Demanded (income = $10,000/year) | Quantity Demanded (income = $30,000/year) |
| $1 | 5 | 9 |
| $2 | 4 | 8 |
| $3 | 3 | 7 |
| $4 | 2 | 6 |
| $5 | 1 | 5 |
a. 0.71.
b. 0.67.
c. 0.10.
d. 0.33.
e. - 0.67.
Answer
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