For Which Of The Following Goods Is The Income Elasticity Of Demand Likely Highest
? Income elasticity of demand is the measure of how responsive consumer demand is to a change in real income. The higher the income elasticity of demand, the higher the sensitivity of demand to a change in income. Different goods have different income elasticity of demand. In general, goods that are considered luxuries have a …
For Which Of The Following Goods Is The Income Elasticity Of Demand Likely Highest Read More »