(00:00 - 00:21) Introduction(00:22 - 00:41) Income elasticity(00:42 - 01:13) Key Term Review: Types of Goods(01:14 - 03:38) Graphical Analysis of Elasticity(03:39 - 04:19) Review
An economic measure of change in relation to income and demand for normal, inferior and luxury goods.
Goods for which demand decreases as income increases.
A good that offers better quality and features which is consumed when income rises.
Goods for which demand increases as income increases.