Price $24 $20 $16 $12 $8 $4 Quantity Demanded (Income $1,000) = 5 136791 Quantity Demanded (Income $2,000) 4 7 10 13 0369 16 19 Quantity Demanded (Income $3,500) = 12 16 826228 20 24 Refer to the Table. Using the midpoint method, at a price of $8, what is the income elasticity of demand when income rises from $2,000 to $3,500? 0.55 1.36 0.73 0.40