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
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.
Numerology
Chaldean Numerology
The numerical value of income elasticity of demand in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of income elasticity of demand in Pythagorean Numerology is: 1
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"income elasticity of demand." Definitions.net. STANDS4 LLC, 2024. Web. 28 Mar. 2024. <https://www.definitions.net/definition/income+elasticity+of+demand>.
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