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Income elasticity of demand (view source)
Revision as of 15:40, April 4, 2007
, 15:40, April 4, 2007New page: '''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 ...
'''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]]