Economics B A-Level
Income elasticity of demand
What Income elasticity of demand means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Income elasticity of demand
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Reference: Pearson Edexcel
Calculated by dividing the percentage change in quantity by the percentage change in income, where a positive result indicates a normal good.
Topics that use Income elasticity of demand
- Appendix 3: Quantitative skills (Pearson Edexcel A-Level)
Related terms
- Base year
- Cross elasticity of demand
- Data interpretation
- Fraction
- Index numbers
- Inflation measurement
- Marginal cost
- Nominal values
Using Income elasticity of demand in the exam
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