JC Economics Tuition Notes
Income and Cross Elasticity of Demand
For H2 Economics Only
Besides Price Elasticity of Demand and Supply, H2 Economics students will examine the Cross Elasticity of Demand (XED or CED, in short) and Income Elasticity of Demand (YED) to understand how consumers respond to changes in the price of related goods, given their income level and the relationship of goods as substitutes and complements. The economics tuition program will cover the determinants of XED and YED to explain the differences in contexts, like the tourism and smartphone industries.
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