YED Flashcards
1
Q
What is YED?
A
how much quantity demanded will respond to a change in income
2
Q
What is the YED for inferior goods?
A
negative
3
Q
What is the YED for normal goods?
A
positive
4
Q
What are income inelastic goods and what is their range?
A
necessities
0-1
5
Q
What are income elastic goods and what is their range?
A
luxuries
1-infinity
