ECON 201 – Calculate her income elasticity of demand
January 4th, 2018
Leslie’s annual salary increases from $82,750 to $102,750 and decides to increase the number of vacations she takes from 4 to 7. 1) calculate her income elasticity of demand, 2) determine if its a normal good or inferior good, 3) is it income elastic or inelastic? Use the midpoint method and show your work