Income Elasticity of Demand
Income elasticity of demand calculated the degree of responsiveness of quantity demanded to the change in income.
The formula for measuring income elasticity is as follows:
Types of Income Elasticity are shown below
a) Positive Income Elasticity
For normal commodity, the rise in income leads to an increase in quantity demanded.
b) The Negative Income Elasticity
For inferior commodities, an increase in income leads to the decrease in quantity demanded.
c) Zero Income Elasticity
The quantity demanded for a commodity does not change as the income changes.
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