knowt logo
HomeExploreExams
go to Home
Home
go to Business
Business
go to AP Microeconomics
AP Microeconomics

Income Elasticity of Demand

studied byStudied by 14 people
5.0(1)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 3

flashcard set

Earn XP

Description and Tags

Microeconomics

AP Microeconomics

4 Terms

1
Income Elasticity of Demand Formula
% change in qty demanded/ % change in income
New cards
2
What does it mean if IED is positive?
The good is normal
New cards
3
What does it mean if IED is negative?
The good is inferior
New cards
4
Income Elasticity of Demand
The sensitivity to changes in consumer income relative to the amount of a good that consumers demand.
New cards
robot