-income elasticity of demand- Flashcards
1
Q
IED formula?
A
% change in quantity demanded/% change in income
2
Q
If IED is more than one, is it inelastic or elastic?
A
Income elastic (luxury good)
business > -income elasticity of demand- > Flashcards
IED formula?
% change in quantity demanded/% change in income
If IED is more than one, is it inelastic or elastic?
Income elastic (luxury good)