The following table Q18 shows a portion of the demand schedule for a particular good at various levels of income. Using the midpoint method, when income equals RM7,500, what is th elasticity of demand between RM16 and RM20? Table Q18: Demand schedule Vs Income level Price Quantity Demanded Quantity Demanded Quantity Demanded (RM) (Income = RMS5,000) (Income = RM7,500) (Income = RM10,000) 24 4 20 6. 16 6 9 12 12 12 16 10 15 20 4 12 18 24 A. 1.80 В. О 0.75 C. 1.33 D. 0.56

Consider the following demand schedule for bags. Quantity 60 56 48 Price $13 $15 $17 When the price of bags rises from $13 to $15, the price elasticity of demand is approximately -0.5 (Calculate using the midpoint formula, round your answer to one decimal place, and enter a "-" if your answer is negative) When the price of bags increases from $15 to $17, the total expenditure will because the price elasticity of demand is

7. Using the income elasticity of demand to characterize goods Data collected from the imaginary economy of Ilium reveals that a 16% increase in income leads to the following changes: • An 18% increase in the quantity of pubrork demanded • A 14% decrease in the quantity of farb demanded • A 30% increase in the quantity of welk demanded Compute the income elasticity of demand for each of the goods described, and select the appropriate value in the following table. Then indicate whether the income elasticity for each good indicates that it is a normal good or an inferior good. Hint: Be careful to keep track of the direction of change. The sign of the income elasticity of demand can be positive or negative, and important information is conferred by the sign. Good Income Elasticity of Demand Normal or Inferior Good Pubrork Farb Welk Which of the following three goods is most likely to be classified as a luxury good? O Pubrork O Welk O Farb

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