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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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