- Cross-Elasticity of Demand
- Student Workpoint 4.5 - Answer Key
New Concepts:
- Income Elasticity of Demand (YED)
- Definition
- Formula
- Normal vs Inferior Goods
Resources:
Power Point - Income Elasticity of Demand
Mr. Clifford Video - Cross and Income Elasticity of Demand
Textbook pages 55-56
Mr. Clifford Video - Cross and Income Elasticity of Demand
Textbook pages 55-56
Formula:
YED = % Change in Quantity Demanded of a product
% Change in income of the consumer
Homework: Due Monday October 29
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