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\nIncome Elasticity of Demand: Understanding its Importance in Business Planning\n

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\nThe video explains the concept of income elasticity of demand (YED) and its importance for businesses in forecasting sales and maintaining sustainable revenue. The lecture covers the formula for calculating YED, its possible range of...\nThe video explains the concept of income elasticity of demand (YED) and its importance for businesses in forecasting sales and maintaining sustainable revenue. The lecture covers the formula for calculating YED, its possible range of values, and the different classifications of goods based on their YED values. The video also discusses how businesses can use YED to plan and adapt to different economic circumstances, such as recessions and booms.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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8:39
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Grade
Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Business\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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business, income, elasticity, demand, products
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Additional Tags

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a-level, section, quant, methods, 1.3.3, of, luxury good, normal good, inferior good, lecture video, vice versa, sales revenue, economic circumstances, sustainably perform, income elasticity, household income, income rises, income falls, income increases, make sacrifices, percentage change, inferior, measure, goods, good, make, customers, change, negative, level, class, greater, incomes
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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\n\nShow resource details\n
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Income Elasticity of Demand: Understanding its Importance in Business Planning\" href=\"/subscription/new\">\"Income\n\n
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