Examlex
Determine if the equation specifies a function with independent variable x. If so, find the domain. If not, find a value of x
to which there corresponds more than one value of y.
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Negative Income Elasticity
A condition where the demand for a good decreases as the income of the consumer increases.
Inferior Good
A type of product whose demand decreases when the income of consumers increases and vice versa.
Demand Coefficient
A measure that indicates the sensitivity or responsiveness of the quantity demanded of a good or service to changes in its price.
Normal Good
A good for which demand increases as the income of individuals or the economy grows, and decreases when income falls.
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