Income Elasticity of Demand - A Level and IB Economics

This updated topic video looks at income elasticity of demand and the distinction between normal and inferior goods.
#aqaeconomics #ibeconomics #edexceleconomics

[@ShouryDasari]

I'd say that the breakfast takeaway would be a luxury for most people―this is my thought process and is contextual. It is a habitual choice for a certain sect of people, but I think that the normal good, in this case, would be making breakfast at home. McDonald's takeaways (and those from any restaurant) seem to be luxury goods for this reason. But, as the narrator mentions multiple times, income elasticity of demand is situational, so there might not be one fixed answer.

[@ShouryDasari]

Thank you for this video; it was really helpful for my class test.

[@shubham.shubham7837]

tysm

[@Rita-kx1cm]

Why are cigarettes inferior goods?

[@jasonoubadminton4944]

i lov e how he likes ur comment but doesnt reply hahaha

[@Rita-kx1cm]

@@jasonoubadminton4944 Yup😭

[@TiannaBerry]

9:04

[@zakijaved9832]

can u provide some practice questions