Income elasticity measures the relationship between change in demand for good X and change in price in real time. Income is an important factor in determining consumer demand and thereby changes in income ultimately lead to changes in demand. It is an important theory of economics. We, at universityhoemworkhelp.com, provide you detail description about the theory with income elasticity homework help.
What formula is applied for calculating income elasticity?
The formula applied for calculating income elasticity is
The change is demand divided by change in income. This is the formula which is applied in analysing this theory. Now it’s time to know how this theory is applied in the case of normal and luxury goods and services.
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What are the three other elasticities involved in this theory?
The income elasticity consists of four common elasticities that are mainly used in the analysis. These three elasticities are –
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