INCOME ELASTICITY OF DEMAND
Measures the relationship between a product or service change and real income change, assuming all other factors remain the same. This economics term pertains to the sensitivity of the quantity demanded for a particular product in response to a change in consumers’ incomes. Computed as:
Income Elasticity of Demand = % change in quantity demanded / % change in income
The extent to which the quantity demanded for a product or service changes in response to an income change depends on whether a good or a service is a necessity or luxury.
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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 06:30 | Tertiary Industry Index | Apr | |
| 08:00 | Wholesale Price Index | May | |
| 08:30 | Producer & Import Prices | May | |
| 09:00 | SECO Consumer Confidence | May | |
| 10:00 | Trade Balance | Apr | |
| 11:00 | Current Account (sa) | Apr | |
| 11:00 | Industrial Production | Apr | |
| 14:15 | Housing Starts | May | |
| 14:30 | NY Fed Empire State manufacturing index | Jun |
