income elasticity of demand (YED)

0.0(0)

Studied by 1 person

Call Kai

Learn

Practice Test

Spaced Repetition

Match

Flashcards

Knowt Play

Card Sorting

1/4

Earn XP

Microeconomics

12th

Last updated 8:28 PM on 11/28/22

Name	Mastery	Learn	Test	Matching	Spaced	Call with Kai

No analytics yet

Send a link to your students to track their progress

1

New cards

YED definition

measures the responsiveness of quantity demanded to a change in income

2

New cards

YED formula

% change in quantity demanded / % change in income

3

New cards

YED of normal goods

between 0 and 1

4

New cards

YED of luxury goods

YED > 1

5

New cards

YED of inferior goods

negative