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How quantity demanded responds to income changes
% change in Qd% change in income\frac{\text{\% change in Qd}}{\text{\% change in income}}% change in income% change in Qd
<1< 1<1
>1> 1>1
Negative
Increases slower than income increases
Increases faster than income increases
Decreases (inverse relationship)
1.361.361.36
−0.20-0.20−0.20
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