Income Elasticity of Demand in Microeconomics Video

Instructions:

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question 1 of 3

When demand for a product goes from 100 to 200 and income goes up from $40,000 to $45,000 what is the income elasticity of demand?

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1. When quantity demand for product drops when incomes goes up, the product is a(n) _____.

2. When quantity demand stays the same while income drops, what kind of product is it?

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About This Quiz & Worksheet

This quiz and worksheet will gauge your understanding of income elasticity of demand in microeconomics. The quiz will also assess your comprehension of concepts like superior goods and inferior goods.

Quiz & Worksheet Goals

Use these assessment tools to:

  • Identify normal goods
  • Understand how spending habits change
  • Define superior and inferior goods

Skills Practiced

These assessments will help you practice:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on types of goods
  • Critical thinking - apply relevant concepts to examine information about luxury goods in a different light
  • Knowledge application - use your knowledge to answer questions about the relationship between income and purchases

Additional Learning

Gather more information about about income elasticity by referring to the lesson titled Income Elasticity Demand in Microeconomics, which covers these learning objectives:

  • Identify different types of goods
  • Know the method by which goods are classified
  • Understand income and its effect on demand of goods
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