Question 1
What does income elasticity of demand measure?
Question 2
Which formula represents income elasticity of demand?
Question 3
If the income elasticity of demand for a good is negative, what type of good is it?
Question 4
A good has an income elasticity of demand of $2$. What does this suggest?
Question 5
If a product has an income elasticity of demand of $0.4$, what is the best description of the product?
