Income Elasticity of Demand

Опубликовано: 27 Декабрь 2024
на канале: Edspira

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This video shows how to calculate the Income Elasticity of Demand. Income Elasticity of Demand is founded by dividing the percentage change in quantity demanded by the percentage change in income. Thus, it measures how demand for a good changes as a consumer's income increases or decreases. If the Income Elasticity of Demand is positive, this means the good is a normal good (people demand more of the good as their incomes rise). If the Income Elasticity of Demand is negative, this means the good is an inferior good (people demand less of the good as their incomes rise).—
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