define income demand
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In economics, income elasticity ofdemand measures the responsiveness of the quantity demanded for a good or service to a change in income. It is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income. ... Note thatdemand for all inferior goods is fairlyincome inelastic.
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the relationship between income and the quantity of commodity demanded. It relates to the various quantities of a commodity or service that will be bought by the consumer at various levels of income in a given period of time, other things being equal.
Things that are assumed to remain equal are the price of the commodity in question, the prices of related commodities, and the tastes, preferences and habits of the consumer for it. The income-demand function for Quantity Demanded a commodity is written as D = f (y)
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