Question

define..

income elascity of demand ​

Answer 1

 

ʜᴇʏᴀ..

ʜᴇʀᴇ ɪs ᴜʀ ᴀɴsᴡᴇʀ 

ᴀ ᴘʀᴏᴘᴏʀᴛɪᴏɴᴀᴛᴇ ᴄʜᴀɴɢᴇ ɪɴ ϙᴜᴀɴᴛɪᴛʏ ᴅᴇᴍᴀɴᴅᴇᴅ ɪɴ ʀᴇsᴘᴏɴsᴇ ᴛᴏ ᴀ ᴘʀᴏᴘᴏʀᴛɪᴏɴᴀᴛᴇ ᴄʜᴀɴɢᴇ ɪɴ ᴄᴏɴsᴜᴍᴇʀ ɪɴᴄᴏᴍᴇ 

ɪ ʜᴏᴘᴇ ɪᴛs ʜᴇʟᴘ ᴜ 

 

Answer 2

Answer:

Measures the relationship between changes in consumer income and the sales of a good. It is used to classify goods as "normal" or "inferior". Goods with an income elasticity greater than 1 can be classified as luxuries instead of necessities; but only the consumer's judgment matters.

Explanation: