Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $7 to $15, and he decides to stop eating generic chips and instead eats a name brand potato chip. Use the midpoint method to calculate Blake's income elasticity of demand for generic potato chips. none of these options is correct -0.36 negative infinity O -2.75

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Question 8
Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $7 to
$15, and he decides to stop eating generic chips and instead eats a name brand potato chip. Use
the midpoint method to calculate Blake's income elasticity of demand for generic potato chips.
none of these options is correct
-0.36
negative infinity
O -2.75
Transcribed Image Text:Question 8 Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $7 to $15, and he decides to stop eating generic chips and instead eats a name brand potato chip. Use the midpoint method to calculate Blake's income elasticity of demand for generic potato chips. none of these options is correct -0.36 negative infinity O -2.75
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