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2.2.9. Income Elasticity of Demand
The income elasticity of demand is the ratio of proportionate change in the quantity demanded of a commodity to a given proportionate change in the income of the consumer.
Ey= Percentage change in quantity demanded Percentage change in income
there, Ey = income elasticity of demand There are five kinds of income elasticity of demand. |
Last modified: Tuesday, 14 February 2012, 7:08 AM