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Tutor2u: Income Elasticity of Demand

Curated by ACT

This site provides a detailed study of income elasticity, which is how one's demand changes as income changes. It also gives good examples of normal and inferior goods.

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Concepts
elasticity
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Additional Tags
income elasticity, income elasticity of demand, inferior goods, normal goods, tutor2u: income elasticity of demand, definition / general information
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Classroom Considerations
  • Knovation Readability Score: 5 (1 low difficulty, 5 high difficulty)
  • The intended use for this resource is Instructional