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What is the effect of increasing the time between treatment conditions in a within-subjects experiment?
Income Elasticity
A measure of how much the demand for a good or service changes in response to changes in consumers' income.
Coefficient
A numerical or constant quantity placed before and multiplying the variable in an algebraic expression, often indicating proportionality.
Normal Good
A good for which demand increases as consumer income rises, and decreases as consumer income falls.
Income Elasticity
A rephrased definition: The responsiveness of demand for an item to changes in the income of the people demanding the item.
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