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IB Economics SL 2.5.7 Income Elasticity of Demand Questions

Practise IB Economics SL 2.5.7 by defining YED, calculating it from data, and applying income elasticity to normal, inferior and sectoral goods with evidence.

Syllabus
First assessment 2022
Course
Economics SL
Level
SL

Exam points

  • Define income elasticity of demand and identify normal, inferior, income-elastic and income-inelastic demand.
  • Calculate YED or the related percentage change from data, interpret the sign and magnitude, and distinguish YED from XED.
  • Analyse how changing incomes affect demand for primary commodities, manufactured goods, services and firms using examples and evidence.

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