.change() get :selected text value

Question

I'm trying to run the following code

$("select#shipping_rates_drop").change(function(){
            var selectedText = $(this + "option:selected").text();
            var ship = thisvalue.split("£");
            var subtotal = $("ul#deliveryList").attr("class");
            var ship = ship[1];
            var totalcost = parseFloat(subtotal)+parseFloat(ship);
            $(".wrap.form-section h1 span").html("&nbsp;&nbsp;&nbsp;&nbsp;<small>Total </small> £"+totalcost);
            $("input[name=itemamt]").val(subtotal);
            $("input[name=shippingamt]").val(ship);
            checklistCheck1();
        });

I want to get the text from the selected value on change. ex. UPS Worldwide Express - £89.57 then the code splits the value to get me the actual number of cost.

But console.log throws up the following

Error: Syntax error, unrecognized expression: [object HTMLSelectElement]option:selected

in jquery.min.js (line 2)

So im assuming I've done something wrong here and hoping someone could help out

Answer 1

the line should be

var selectedText = $(this).find("option:selected").text();