Assertion: income elasticity | /r/HasProperty | positive
Facets:
value: usually
type: DEGREE
value: strongly
type: DEGREE
Source sentences:
text: For most commodities, increase in income leads to an increase in demand, and, therefore, income elasticity is positive.
text: But income elasticity could be both positive and negative.
text: In general, the price elasticity of demand is a negative figure, whilst income elasticity is a positive figure although there are some exceptional situations that change the above general laws.
text: But income elasticity could be both positive and negative.
text: The income elasticity of demand is usually strongly positive for
text: Notice from the definition of income elasticity that if the income elasticity of demand is positive, the good must be a normal good, and if the income elasticity of demand is negative, the good must be an inferior good.
text: If the income elasticity of demand is positive but less than 1, then the good is a necessity
text: Notice from the definition of income elasticity that if the income elasticity of demand is positive, the good must be a normal good, and if the income elasticity of demand is negative, the good must be an inferior good.