Income elasticity of demand | APⓇ Microeconomics | Khan Academy

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Elasticities can be calculated for more than just price elasticity of supply or price elasticity of demand. For example, income elasticity of demand as a measure of how quantity demanded changes in response to income.

AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.

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