Answer:
-4 units
Explanation:
Applying the midpoint method, Blake's income elasticity of demand for generic potato chips is determined by multiplying the change in demand (D) by his average income (I), then dividing by the product of the change in income and average demand:
Thus, Blake's income elasticity of demand equals -4 units.
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(i) The units to be ordered each time: 2,828 units. (ii) Average inventory will be 1,414 units. (iii) With an increase in lead time, the minimum stock requirements will be less than the EOQ, thus extending lead time won't alter the EOQ.
