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Urgent - Economics help - Determinants of Income elasticity of demand

darksideday

Like the title says, really need this;
Many thanks

Reply 1

turn and fall

Substitutues
Complements
Actual income

Reply 2

prash_s90

a variety of factors:whether its luxury or inferior goods, complimentary, long term consumer perceptions about different goods and services together with changes in consumer tastes and preferences

Reply 3

owen1994

Normal goods you buy more as income rises.
Inferior goods you buy less as income rises.
Necessities shouldn't really change. Your not going to buy more toilet roll because you can.

Haven't really done this in a while. Sorry if its not to good.