A local kayak outfitter has been looking over the latest data from the Census, which reported that income in the area where the outfitter is based has increased by 20%. If the outfitter then tells you that her sales increased by 10%, what would be the income elasticity of demand and how would you interpret it? EY = 2; for a 1% increase in income, the outfitter can expect to see a 2% increase in her sales. EY = 0.5; for a 1% increase in income, the outfitter can expect to see a 2% increase in her sales. EY = 0.5; for a 1% increase in income, the outfitter can expect to see a 0.5% increase in her sales. EY = 2; for a 1% increase in income, the outfitter can expect to see a 0.5% increase in her sales.
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