Flashcard sets with a 'income elasticity of demand' term meaning 'measures the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good. formula: (%change in quantity demanded) / (%change in income) = income elasticity'

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1-2 of 2Flashcard sets with a 'income elasticity of demand' term meaning 'measures the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good. formula: (%change in quantity demanded) / (%change in income) = income elasticity'
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1Review Terms and conceptsby joysei2 termsJuly 21, 2007
2Review Terms and conceptsby joysei2 termsJuly 21, 2007
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