Income elasticity of demand

 

 

 

Income elasticity of demand

 

Glossary of business

 

Definition of income elasticity of demand

 

The income elasticity of demand is a measure of the responsiveness of demand to a change in income. It is an important piece of information to a firm as it helps them to predict how much the demand for their product will grow as the economy grows. If a good is income elastic, then demand will rise proportionately more than the level of income rises.

 

Source : http://business-tes.wikispaces.com/file/view/Glossary.doc

link: http://business-tes.wikispaces.com/

Author : not indicated on the source document of the above text

 

Terminology about business

 

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Definition and meaning of income elasticity of demand

 

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Meaning of income elasticity of demand

 

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What does income elasticity of demand mean ?

 

 

 

 

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