Micro C YED key terms
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Last updated 11:57 AM on 2/24/25
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5 Terms
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Income elasticity of demand
Measures the responsiveness of quantity demanded to a change in income
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normal good
as incomes rise, demand increases, YED is positive
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inferior good
as income rises, demand falls. YED is negative.
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Income elastic
Quantity demanded changes a relatively small amount following a change in income
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income elastic
quantity demanded changes a relatively large amount following a change in income
Note 
Flashcards (39)