A very small proportion of income is spent on the good. A lower price. This statement suggests that the income elasticity of demand for food is greater than 1, and for vacation cruises is less than 1. income elasticity of demand for food is between 0 and 1, and for vacation cruises is less than 1. income elasticity of demand for food is negative, and for vacation cruises is positive. After holiday mark downs produce higher sales. Skiing becomes a fashionable winter sports activity.
Consumers expect lower prices next month for computers.
A college expects enrollment to increase, despite no change in tuition costs. Goods whose purchase represents a small percentage of income. Goods which are necessities. Goods with few substitutes. Goods with many substitutes.