elasticity 3

measures the responsiveness of one variable to a certain change in another variable.

Measures the degree of the consumer’s responsiveness or reaction to changes on its selected determinants

it is the percentage change in quantity demanded that occurs with respect to a change in price.

Are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand, resulting in an upward-sloping demand curve.

In the 19th century, he coined the term “Conspicuous Consumption” on the behavior of the richer members of the society to spend on goods and products that tended to increase the prestige, social power and status

It referred to the mindset of purchasing a good just for its perceived wealth rather than by taking into account the intrinsic, practical utility, services and features it offered.

In today's terms, conspicuous consumption can also be referred as

Is a low income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls.

These term was coined in the late 1800s, named after noted Scottish economist, statistician, and journalist Sir Robert Giffen

The term "Giffen goods" was coined in the late 1800s, named after noted Scottish economist, statistician, and whos journalist?