Blake eats two bags of potato chips each day. When Blake's hourly wage increases from $7 to $15, he decides to stop eating generic potato chips and starts eating 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 decimal places. income elasticity of demand for generic potato chips:For Blake, generic potato chips arean inferior good. a luxury good. a normal good.

-2.75 and inferior good

Explanation:

The computation of the  income elasticity of demand using the mid point method is shown below:

The computation of the price elasticity of demand using mid point formula is shown below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in income ÷ average of income)  

where,  

Change in quantity demanded is

= Q2 - Q1

= 0 - 2

= -2

And, average of quantity demanded would be

= (0 + 2) ÷ 2

= 1

Change in income is

= M2 - M1

= $15 - $7

= $8

And, average of income is

= ($7 + $15) ÷ 2

= 11

So, after solving this, the income elasticity of demand is -2.75

And, the goods is inferior good as it has negative elasticity of demand

answer; depth;

someone i feel is a leader in my life id have to say would be my mother because she has give me great advice in life and got me out of tough situations. some characteristics she has are creativity, honesty, commitment, respect for others, and communication. one example of a situation when she demonstrated leadership was when i was working late on homework and i started to get stressed and got upset, she asked me if i needed some , and she me with my work. she demonstrated communication and commitment.

i don't know if this is exactly what your looking for but i hope this !