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"It has been estimated that in the UK, the income elasticity of demand for fresh strawberries is + 0.8 and for margarine is - 0.2."
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- Words:
- 1250
- Submitted:
- Mon Oct 13 2003
... "It has been estimated that in the UK, the income elasticity of demand for fresh strawberries is + 0.8 and for margarine is - 0.2." Income elasticity of demand is derived from the formula: YED = % D QD % D Y It measures the responsiveness of demand to a change in income. The above statement indicates the income elasticity of demand for two different products. Taking into consideration the first part of the paragraph which states that the income elasticity of demand for fresh strawberries is + 0.8. The plus to the left of the number tells us that when incomes increase, so does the demand for the product and vice versa when income decreases so does the demand for the product. The plus sign also indicates that the good is normal or luxury. As fresh strawberries are not a necessity, it is clear that they can be
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