Question

explain the income elasticity of demand
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Answer 1

Answer:

Income elasticity of demand refers to the sensitivity of the quantity demanded for a certain good to a change in real income of consumers who buy this good, keeping all other things constant. ... With income elasticity of demand, you can tell if a particular good represents a necessity or a luxury.

Explanation:

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Answer 2

Answer:

In economics, the income elasticity of demand is the responsiveness of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income. If a 10% increase in Mr. Ruskin Smith's income causes him to buy 20% more bacon, Smith's income elasticity of demand for bacon is 20%/10% = 2

Explanation:

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