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Meaning of income elasticity of demand

 

 

 

Income elasticity of demand

 

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Business glossary

 

Meaning of term 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.

 

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Income elasticity of demand

 

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