Examlex
suppose that g: A → B and f : B → C , where A = B = C = {1, 2, 3, 4}, g =
{(1, 4), (2, 1), (3, 1), (4, 2)}, and f = {(1, 3), (2, 2), (3, 4), (4, 2)}.
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Income Elasticity
Measures how the quantity demanded of a good responds to a change in consumer income.
Normal Good
An item for which demand increases as the income of consumers increases, showing a direct relationship between income and demand.
Income Elasticity
A measure of how much the demand for a good changes as the income of consumers changes.
Normal Good
A good for which demand increases as the income of consumers increases, showing a positive correlation between income and demand.
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