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How Do You Interpret the Value of Income Elasticity

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How do you interpret the value of income elasticity?


Definitions:

Conditioned Reinforcer

A stimulus that gains its reinforcing power through its association with a primary reinforcer; often used in behavior modification and conditioning.

Operant Conditioning

A method of learning that employs rewards and punishments for behavior, which affects the likelihood of certain behaviors being repeated.

Classical Conditioning

The process of acquiring knowledge by forming associations between a stimulus present in the environment and one that naturally occurs.

Shaping

A method of behavior modification by which successive approximations toward a desired behavior are reinforced, used extensively in operant conditioning.

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