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ECONOMICS
Asked by Sumaya

What is the formula for income elasticity?

The formula for income elasticity of demand is: elasticity = % change in quantity demanded / % change in price This is because we are looking for how much a change in price affects (or changes) the quantity demanded. The way I remember this is the abbreviation QPR, Quantity demanded over PRice. My economics teacher joked about alot and said that Queens Park Rangers (QPR) are the best football team 馃槀 We know that's not true, but we let him believe it 馃槃

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Mujavid Bukhari

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