Assertion: income elasticity | /r/HasProperty | calculated
Facets:
Source sentences:
text: The income elasticity of demand is calculated by taking a negative 50% change in demand, a drop of 5,000 divided by the initial demand of 10,000 cars, and dividing it by a 20% change in real income—the $10,000 change in income divided by the initial value of $50,000.
text: Income Elasticity of Demand (E I ) is calculated using the formula given below