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Ask a question to our educatorsWhat 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 😂 We know that's not true, but we let him believe it 😄
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