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10 cards from this deck
Measures responsiveness of demand to income changes
% change in qty demanded ÷ % change in income
Income elastic demand
Income inelastic demand
Positive - demand rises with income
Negative - demand falls as income rises
Cars, holidays, luxury goods, fashion accessories
Demand falls sharply as incomes decline
Demand linked to business cycle (high income elasticity)
Stable, predictable demand
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