question archive What does income elasticity of demand measure? If income elasticity of demand for ibuprofen was 0
Subject:EconomicsPrice:2.88 Bought3
What does income elasticity of demand measure?
If income elasticity of demand for ibuprofen was 0.63, then you could say that ibuprofen is _____.
-Necessity and luxuries is another factor, luxurious goods are elastic, and necessity goods are inelastic.
-A normal good is a good which its demand increases due to an increase in income of an individual and demand falls as income reduces.