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What is Elasticity about?

This document discusses the concept of income elasticity of demand (YED). It defines YED as the responsiveness of demand for a good or service following a change in real income levels. It explains that normal goods have a positive YED value while inferior goods have a negative value. It states that as a general rule, basic necessity items are income inelastic, meaning the percentage change in quantity demanded is smaller than the initial change in income, while luxury goods are normally income elastic, mean

Author

Mandeep Kaur

Language

EN