Understanding Elasticity in Business: Price and Income Elasticity of Demand

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Business, Mathematics
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University
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Hard
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3 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the income elasticity of demand (YED) and how is it calculated?
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
Differentiate between inferior goods, normal goods, and luxury goods based on YED.
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3.
OPEN ENDED QUESTION
3 mins • 1 pt
How can understanding elasticity help businesses in their pricing strategies?
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