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  3. for each scenario calculate the income elasticity of demand determine...

Question: for each scenario calculate the income elasticity of demand determine...

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For each scenario, calculate the income elasticity of demand, determine whether the good is inferior or normal, and classify the goods income elasticity. When ca answers to the nearest hundredth g the income elasticity of demand, use the midpoint formula. Round your Sylvias annual salary increases from $100,500 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 Vacations are a income elasticity yacations As a good, vacations are Blake eats two bags of generic potato chips each day, and does not purchase any name-brand chips. Blakes hourly wage increases from $8.75 to $15, and he decides to eat one name-brand bag and one generic-brand bag each day. Calculate Blakes income elasticity of demand for generic potato chips Generic potato chips are a income elasticity generic chips As a good, generic potato chips are

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