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Income Elasticity of Demand
Income elasticity of demand measures how the quantity demanded of a good or service changes in response to a change in consumers' income.
Quantity Demanded
In economics, the total amount of a good or service that consumers are willing and able to purchase at a given price.
Income
The financial gain received by an individual or household, usually derived from work, investments, or other sources, over a period.
Own Price Elasticity
The responsiveness of the quantity demanded of a good to a change in its own price, holding other factors constant.
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