Income Elasticity Of Demand


In economics, income elasticity of demand is the measure of demand for goods relative to the changes in the income, while all other affecting factors remains the same. Estimate here the IEoD for change in quantity and income.

Calculator of Income Elasticity Of Demand

%
%

Formula of Income Elasticity Of Demand

% Change in QD = [QD(NEW) – QD(OLD)] / QD(OLD)

% Change in Income = [Income(NEW) – Income(OLD)] / Income(OLD)

IEoD = (% Change in QD)/(% Change in Income)

where,

  • QD-Quantity Demanded
  • IEoD-Income Elasticity of Demand
Leave a Reply 1

Your email address will not be published. Required fields are marked *


Henry Koiye

Henry Koiye

This is awesome. It is fast, accurate and easy to use and understandable.