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26.4% Resources Hi For each scenario, calculate the income elasticity of demand, determine whether the good is inferior or normal, and classify the good's income elasticity. When calculating the income elasticity of demand, use the midpoint formula. Round your answers to the nearest hundredth. 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 three to four. Calculate her income elasticity of demand for vacations. income elasticity vacations Vacations are a As a good, vacations are inferior good. neither income-elastic nor income-inelastic. normal good. does income-elastic. increases from 38 to $13, and he decides to eat one name-brand income-inelastic. Blake's income elasticity of demand for generic potato chips. Blake cats two bags of generic potato chips each day, and does not purchase any name-brand chips. Blake's hourly wage increases from $8 to $15, and he decides to eat one name-brand bag and one generic-brand bag each day. Calculate Blake's income elasticity of demand for generic potato chips. income elasticity generic chips Generic potato chips are a As a good, generic potato chips are S O