Measurement and Interpretation of Elasticities

Income Elasticity Example 0.85 0.66 0.57 (400-200)/[(400 200)/2] (9-5)/[9 5)/2] % % change in income change in quantity Interpretation? 11 If the income elasticity is The good is classified as Greater than 1.0 A luxury and a normal good Less than 1.0 but greater than 0.0 ................
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