What does income elasticity of demand mean?

Definitions for income elasticity of demand
in·come elas·tic·ity of de·mand

This dictionary definitions page includes all the possible meanings, example usage and translations of the word income elasticity of demand.

Wikipedia

  1. Income elasticity of demand

    In economics, the income elasticity of demand is the responsiveness of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income. If a 10% increase in Mr. Smith's income causes him to buy 20% more bacon, Smith's income elasticity of demand for bacon is 20%/10% = 2.

How to pronounce income elasticity of demand?

How to say income elasticity of demand in sign language?

Numerology

  1. Chaldean Numerology

    The numerical value of income elasticity of demand in Chaldean Numerology is: 8

  2. Pythagorean Numerology

    The numerical value of income elasticity of demand in Pythagorean Numerology is: 1

Translation

Find a translation for the income elasticity of demand definition in other languages:

Select another language:

  • - Select -
  • 简体中文 (Chinese - Simplified)
  • 繁體中文 (Chinese - Traditional)
  • Español (Spanish)
  • Esperanto (Esperanto)
  • 日本語 (Japanese)
  • Português (Portuguese)
  • Deutsch (German)
  • العربية (Arabic)
  • Français (French)
  • Русский (Russian)
  • ಕನ್ನಡ (Kannada)
  • 한국어 (Korean)
  • עברית (Hebrew)
  • Gaeilge (Irish)
  • Українська (Ukrainian)
  • اردو (Urdu)
  • Magyar (Hungarian)
  • मानक हिन्दी (Hindi)
  • Indonesia (Indonesian)
  • Italiano (Italian)
  • தமிழ் (Tamil)
  • Türkçe (Turkish)
  • తెలుగు (Telugu)
  • ภาษาไทย (Thai)
  • Tiếng Việt (Vietnamese)
  • Čeština (Czech)
  • Polski (Polish)
  • Bahasa Indonesia (Indonesian)
  • Românește (Romanian)
  • Nederlands (Dutch)
  • Ελληνικά (Greek)
  • Latinum (Latin)
  • Svenska (Swedish)
  • Dansk (Danish)
  • Suomi (Finnish)
  • فارسی (Persian)
  • ייִדיש (Yiddish)
  • հայերեն (Armenian)
  • Norsk (Norwegian)
  • English (English)

Word of the Day

Would you like us to send you a FREE new word definition delivered to your inbox daily?

Please enter your email address:


Citation

Use the citation below to add this definition to your bibliography:

Style:MLAChicagoAPA

"income elasticity of demand." Definitions.net. STANDS4 LLC, 2024. Web. 28 Mar. 2024. <https://www.definitions.net/definition/income+elasticity+of+demand>.

Discuss these income elasticity of demand definitions with the community:

0 Comments

    Are we missing a good definition for income elasticity of demand? Don't keep it to yourself...

    Image or illustration of

    income elasticity of demand

    Credit »

    Free, no signup required:

    Add to Chrome

    Get instant definitions for any word that hits you anywhere on the web!

    Free, no signup required:

    Add to Firefox

    Get instant definitions for any word that hits you anywhere on the web!

    Browse Definitions.net

    Quiz

    Are you a words master?

    »
    based on or subject to individual discretion or preference or sometimes impulse or caprice
    A omnifarious
    B elusive
    C arbitrary
    D incumbent

    Nearby & related entries:

    Alternative searches for income elasticity of demand: