Sylvia's annual salary increases from $102,750 to $109,500. Sylvia decides to increase the number of vacations she takes per year from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places. This good is units an inferior good. a normal good and income-elastic. a normal good and income-inelastic.
Sylvia's annual salary increases from $102,750 to $109,500. Sylvia decides to increase the number of vacations she takes per year from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places. This good is units an inferior good. a normal good and income-elastic. a normal good and income-inelastic.
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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![Sylvia's annual salary increases from $102,750 to $109,500. Sylvia decides to increase the number of vacations she takes per
year from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your
answer to two decimal places.
This good is
units
an inferior good.
a normal good and income-elastic.
a normal good and income-inelastic.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce981d44-8975-487a-b774-1f9eb1b484ac%2F224d62de-4514-435e-86aa-7b2dd5fd4d95%2Fnft9rb5.png&w=3840&q=75)
Transcribed Image Text:Sylvia's annual salary increases from $102,750 to $109,500. Sylvia decides to increase the number of vacations she takes per
year from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your
answer to two decimal places.
This good is
units
an inferior good.
a normal good and income-elastic.
a normal good and income-inelastic.
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