Source: Graphs by Justin Tapp
Terms to Know
An economic measure of change in relation to income and demand for normal, inferior and luxury goods.
(QA-QB) / (QA+QB)
(IA-IB) / (IA+IB)
A good that offers better quality and features which is consumed when income rises.
Goods for which demand increases as income increases.
Goods for which demand decreases as income increases.