Income Elasticity ·
How spending shifts as paychecks grow
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.com · Engel curves · luxuries · inferior goods
Income
—
Y_E
—
State
—
Necessity (0 < ε < 1) — Bread
Luxury (ε > 1) — Diamond
Inferior (ε < 0) — Ramen → Steak
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.com · Income Elasticity