Micro: Unit 2.4 -- Income Elasticity
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Define income elasticity
Explain the difference between normal and inferior goods
Discuss what happens to the demand for a normal good or an inferior good when consumer
real income levels change
Practice calculating the income elasticity coefficient (IE)
Demonstrate how to use the income elasticity (IE) to determine if a good is a
normal or inferior good
Practice graphing the changes in the demand for a good based on a change in consumer
income
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