Unit 2.5: Income elasticity of demand (YED)

IB Economics: Unit 2.5: Income elasticity of demand (YED)

This lesson focuses on the third type of elasticity in economics - income elasticity of demand or YED. I find that many IB students will confuse this concept with price elasticity of demand. You will need to emphasis to your classes that while a number of products, especially luxury goods and services may be both YED and PED elastic, it is possible for a product to be either YED elastic and PED inelastic or vice versa....

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