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What are the determinants of income elasticity of demand?
There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed economy, as income enhances the demand for luxuries enhances a lot while the demand for necessity enhances a little bit because people cannot consume a lot of basic goods. So the items such as cars have very high income elasticity of demand while items such as potato have low elasticity of demand. Also inferior good have a negative income elasticity of demand.
Suppose the price of books is $15, the price of movies is $5, and your income is $75. Assuming you have a desire to reach constrained optimization, how many movies will you buy? Ho
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