Income elasticity of demand | APⓇ Microeconomics | Khan Academy

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Elasticities can be calculated for more than just price elasticity of supply or price elasticity of demand. For example, income elasticity of demand as a measure of how quantity demanded changes in response to income.
AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.
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More like 1.25-1.5x

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[@Caspar_sun]

So does it means that when the Income Elasticity of demand of a certain kind of good is a positive value, then the good is a normal good or just to say merit good?

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[@pelumiemmanuel5533]

How do you interprete that negative. Does it mean the demand is inelastic. Are ww supposed to take the absolute and make it positive.??

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What happens if YED is equal to 1?

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I think we show income with m

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[@XMegaJuni]

I have a book that says between 0 and 1 it is a normal, and above 1 is a luxury?

[@niduwararahubedde5996]

Yes, greater than 1 is income elastic.

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U know what we got here? We got an elastic product. U know what dat mean? Dat mean if people go ELSEwhere and get dey printin and copy'n done...DEY GONNA DO IT!

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