Income elasticity of demand

Economics
Tutor: None Selected Time limit: 1 Day

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.

Jul 25th, 2015

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income elasticity of demand for vacations=% change in vacations/% change in income

= 33.33/ 7.04

= 4.73 Ans

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Jul 25th, 2015

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