What is income elasticity of demand?
Interpreting the sign
Interpreting the magnitude
Key insight
Worked example
Worked example (inferior good)
Income elasticity and the business cycle
Engel curves
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Summary classification
AP exam tips for 2.6
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Common mistakes
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Key equations
Vocabulary
Unit 2 topics
Unit 2 overview2.1Changes in Demand2.10Tax Incidence and Deadweight Loss2.11Price Controls: Ceilings and Floors2.12International Trade and Public Policy2.2Changes in Supply2.3Price Elasticity of Demand2.4Price Elasticity of Supply2.5Cross-Price Elasticity of Demand2.6Income Elasticity of Demand2.7Consumer Surplus2.8Producer Surplus2.9Market Equilibrium and Efficiency