YED Flashcards
1
Q
YED Formula
A
% Change QD / % Change Income
2
Q
What value will YED have referring to Inferior Goods
A
Negative
3
Q
What value will YED have refferring to Normal Goods
A
Positive
4
Q
What value is YED for Income Elastic/Luxury goods
A
Between 1 and infinity
5
Q
What value is YED for Income Inelastic/Normal goods
A
Between 0 and 1
