Income elasticity of demand; its determinants and applications
Obviously, you all did your homework (except for __________?) and have already watched the above video on XED... hand in your graphs now. We will watch the YED graph together and then discuss both concepts and do some tasks, including these questions...
This article Meet the credit crunch winners illustrates a good example of real life YED. And Will price discounting help restaurants survive the crunch? has example of all three concepts of demand elasticities. And for some light relief...
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