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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.
income elasticity of demand
Last Update: 2020-05-02
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