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MI09 Income & Cross Elasticity of Demand - Coggle Diagram
MI09 Income & Cross Elasticity of Demand
Veblen Goods
Income Elasticity
(%ΔQ)/(%ΔI)
+ve
Normal
<1
Essential
>1
Luxury
-ve
Inferior
Cross Elasticity
+ve
Substitutes
-ve
Complements
(%ΔQx)/(%ΔPy)
0
Unrelated