Question: Im having trouble on this question for homework. Can someone explain the answer to me. thank you. Blake eats two bags of generic potato chips
Im having trouble on this question for homework. Can someone explain the answer to me. thank you.
Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from$8$8to$15$15, and he decides to stop eating generic chips and instead eats a name-brand potato chip. Use the midpoint method to calculate Blake's income elasticity of demand for generic potato chips. Round your answer to two decimalplaces.
unitsunits
This good is
an inferior good.
a normal good and income-inelastic.
a normal good and income-elastic.
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