Sylvia\'s annual salary increases from $102,300 to $109,500, and she decides to increase the number of vacations she takes per year from 3 to 4. Calculate her income elasticity of demand for vacations.
Thank you for the opportunity to help you with your question!
income elasticity of demand for vacations=% change in vacations/% change in income
= 33.33/ 7.04
= 4.73 Ans
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?