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Acronyms that contain the term income elasticity of demand
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What does income elasticity of demand mean?
- Income elasticity of demand
- In economics, the income elasticity of demand is the responsiveness of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income. If a 10% increase in Mr. Smith's income causes him to buy 20% more bacon, Smith's income elasticity of demand for bacon is 20%/10% = 2.
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"income elasticity of demand." Abbreviations.com. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.abbreviations.com/income%20elasticity%20of%20demand>.
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