Business, 13.03.2020 22:37 TVASALLO31
For each scenario, calculate the income elasticity of demand, determine whether the good is inferior or normal, and classify the goods income elasticity. When calculating the income elasticity of demand, use the midpoint formula. Round your answers to the nearest hundredth. Sylvia's annual salary increases from $100,000 to $109,500, and she decides to increase the number of vacations she takes per year from three to four. Calculate her income elasticity of demand for vacations.
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For each scenario, calculate the income elasticity of demand, determine whether the good is inferior...
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