Title
(1) Income Elasticity of Demand
Topic Category
Other Elasticities
Publication Date
2011
Keywords
Income Elasticity, Normal Good, Inferior Good
Abstract
This discusses the other types of demand elasticity. Particular attention is given to the Income Elasticity of Demand, and the concept of normal and inferior goods. The two pieces of information that can be extracted from an income elasticity value are emphasized.
Recommended Citation
Crane, Steven E., "(1) Income Elasticity of Demand" (2011). Principles of Microeconomics. Paper 67.
http://epublications.marquette.edu/microecon_learning/67
Run Time
8:41
Primary Discipline
Microeconomics
Skills Delivered
Ability to distinguish and explain the meaning of an income elasticity of demand. Ability to calculate and interpret income elasticity values.
Rigor Level
2000
Prerequisites
Previous Price Elasticity Videos
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