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Income elasticity of demand (view source)
Revision as of 22:56, April 24, 2007
, 22:56, April 24, 2007Reverted edits by Sock of Icewedge (Talk); changed back to last version by SharonS
'''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.
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[[Category:Economics]]