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Describe inflammation.
Normal Good
A type of good for which demand increases as the income of the consumer increases, showing a direct relationship between income and demand.
Income Elasticity
A measure of how much the demand for a good responds to a change in consumers' income.
Total Revenue
The total income generated by a firm from the sale of goods or services before any costs or expenses are subtracted.
Income Elasticity
A measure of how much the demand for a good or service changes in response to changes in consumer income.
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