Consider the market for Rainbow sandals. Suppose average household income increases from $44 thousand to $61 thousand per year. As a result, the demand for Rainbow sandals increases from 329 to 525. Using the midpoint formula, what is the income elasticity of demand for Rainbow sandals? nothing. (Enter a numeric response using a real number rounded to two decimal places.) In this instance, Rainbow sandals are a normal good. Furthermore, Rainbow sandals are a luxury .

Last week paul, ceo of quality furniture in south carolina, traveled to europe to visit customers. while overseas, paul checked his e-mail daily and showed his company's website to customers, explaining how the website will them place orders and receive merchandise more quickly. after visiting the last customer friday morning, paul was able to return to the corporate office in south carolina to meet with his board of directors that night. is the "shrinking" of time and space with air travel and electronic media.