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Income Elasticity of Demand
An indicator of the responsiveness of the demand for a product to variations in consumer income.
Cross-Price Elasticity of Demand
A measure of how much the quantity demanded of one good responds to a change in the price of another good.
Quantity Purchased
The total amount of a good or service bought by consumers at a specific price level.
Income Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding everything else constant.
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