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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the formula for the income elasticity of demand?

To determine

Mention the formula for calculating income elasticity of demand.

Explanation

The formula for income elasticity is given as:

Income Elasticity: It is the degree of responsiveness to change in demand of a product due to change in income of a consumer. The formula for income elasticity is given as:

eI = ΔQ

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