Becky only eats out at Macaroni Grill, and she eats out three times per month. She receives a raise from $31,900 per year to $33,500 per year and decides to eat out five times per month. Use the midpoint method to calculate the monthly income elasticity of demand for eating out. Round your answer to two decimal places. This good is units O a normal good and income-inelastic. O a normal good and income-elastic. O an inferior good.
Becky only eats out at Macaroni Grill, and she eats out three times per month. She receives a raise from $31,900 per year to $33,500 per year and decides to eat out five times per month. Use the midpoint method to calculate the monthly income elasticity of demand for eating out. Round your answer to two decimal places. This good is units O a normal good and income-inelastic. O a normal good and income-elastic. O an inferior good.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Becky only eats out at Macaroni Grill, and she eats out three times per month. She receives a raise from $31,900 per year to
$33,500 per year and decides to eat out five times per month. Use the midpoint method to calculate the monthly income
elasticity of demand for eating out. Round your answer to two decimal places.
This good is
units
O a normal good and income-inelastic.
a normal good and income-elastic.
O an inferior good.
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