Sylvia's annual salary increases from $100,000 to $109,500. Sylvia decides to increase the number of vacations she takes from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places. income elasticity of demand: This good is a luxury good. a normal good. an inferior good. Units

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Sylvia's annual salary increases from $100,000 to $109,500. Sylvia decides to increase the number of vacations she takes from
three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two
decimal places.
income elasticity of demand:
This good is
a luxury good.
a normal good.
an inferior good.
Units
Transcribed Image Text:Sylvia's annual salary increases from $100,000 to $109,500. Sylvia decides to increase the number of vacations she takes from three to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places. income elasticity of demand: This good is a luxury good. a normal good. an inferior good. Units
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