YED
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6 Terms
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define it
how sensitive is the demand for a product to a change in real incomes
2
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formula for calculating it
%change of demand over %change income
3
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normal goods
they have a positive YED as consumer income rises more is demanded
4
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normal nessesities
demand rises less proportional to change in income
5
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luxuaries
more that proportional change, positive YED
6
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inferior goods
these have a negative YED, as income rises demand falls because there may be a superior good
Note 
Flashcards (37)