Business, 10.03.2020 02:14 chicalapingpon1938

For each scenario, calculate the income elasticity of demand, determine whether the good is inferior or normal, and classify the good's 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 $102,750 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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