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.

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

Share

COinS