Sylvia's annual salary increases from $100,000 to $109,500. Sylvia decides to increase the number of vacations she takes from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places. income elasticity of demand: This good is a luxury good. a normal good. an inferior good. Units
Sylvia's annual salary increases from $100,000 to $109,500. Sylvia decides to increase the number of vacations she takes from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places. income elasticity of demand: This good is a luxury good. a normal good. an inferior good. Units
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...
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