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What is the income elasticity of demand for rainbow sandals

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Reference no: EM13335286

Consider the market for rainbow sandals. Suppose average household income increases from $44,000 per year to $61,000 per year. As a result, the demand for rainbow sandals increases from 427 to 535.

Using the midpoint formula, what is the income elasticity of demand for rainbow sandals?

Reference no: EM13335286

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