Unit 2.5(2): Income elasticity of demand (YED)

IB Economics: Unit 2.5(2): Income elasticity of demand (YED)

Income elasticity of demand (YED) measures the relationship between changes in household incomes and changes in the quantity demand for different goods and services. YED is useful to different stakeholders in the economy because it can be used to explain how the demand for different goods and services changes as household incomes change.Income elasticity of demand is the responsiveness of quantity demanded to a change...

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