Economics A Level: What is Income Elasticity of Demand [YED]
-Give the Formula

Question

What is Income Elasticity of Demand [YED]
-Give the Formula

go kys · Accepted Answer

-Shows how well the Demand Responds to Changes in Real Income
YED = % Quantity Demanded [Qd] of a Good / % Change in Real Income [Y]
YED = % in Qd / % in Y

Economics A Level

What is Income Elasticity of Demand [YED] -Give the Formula

-Shows how well the Demand Responds to Changes in Real Income YED = % Quantity Demanded [Qd] of a Good / % Change in Real Income [Y] YED = % in Qd / % in Y

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