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Income elasticity of demand (view source)
Revision as of 09:33, October 13, 2008
, 09:33, October 13, 2008Decapitalise
'''Income Elasticity of Demand''' is the percentage change in quantity of a good demanded divided by the percentage change in average income. It tells how the demand for a good reacts to changes in the average income. [[Normal Good]]s have a positive Income Elasticity, while [[Inferior Good]]s have a negative income elasticity.
'''Income elasticity of demand''' is the percentage change in quantity of a good demanded divided by the percentage change in average income. It tells how the demand for a good reacts to changes in the average income. [[Normal good]]s have a positive income elasticity, while [[inferior good]]s have a negative income elasticity.
[[Category:Economics]]
[[Category:Economics]]