Income Elasticity of Demand
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Last updated 2:16 AM on 1/13/23
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4 Terms
1
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Income Elasticity of Demand Formula
% change in qty demanded/ % change in income
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What does it mean if IED is positive?
The good is normal
3
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What does it mean if IED is negative?
The good is inferior
4
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Income Elasticity of Demand
The sensitivity to changes in consumer income relative to the amount of a good that consumers demand.
