Income elasticity of demand (YED)
What Income elasticity of demand (YED) means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Income elasticity of demand (YED)
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Reference: Pearson Edexcel
Calculated by dividing the percentage change in quantity demanded by the percentage change in income.
Measures the responsiveness of quantity demanded to a change in real income.
Topics that use Income elasticity of demand (YED)
- Income elasticity of demand (YED) (Pearson Edexcel A-Level)
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