Institutions have accepted or given pre-approval for credit transfer.
* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 32 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.
(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
Terms to Know
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.