Develop Your In-Depth Knowledge in Economic Theory with Income Elasticity Homework Help
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.
- Normal good: The theory for normal good exists when an increase in income leads to an increase in demand. This, in fact, creates a positive value for income elasticity or coefficient of elasticity.
- Inferior good: An inferior good takes place when an increase in income leads to a decrease in demand. This has been considered as a negative value for analysing income elasticity of demand, or you can say co-efficient of elasticity.
- Superior good: In the case of superior goods, this theory exists when a relatively small increase in income leads to a huge increase in demand. This is actually considered a positive value for income elasticity which is greater than 1 or coefficient elasticity of N>1.
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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 —
- Price elasticity of supply,
- the price elasticity of demand and
- Cross elasticity of demand.
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