For inferior goods, the income elasticity of demand is negative, and the income and substitution effects work in opposite directions. An increase in the inferior good’s price means that ...

Price elasticity is a rear-view mirror metric that allows a marketer to know the impact on demand after the change in price ... of the spectrum is a brand that is "perfectly inelastic," meaning it can ...

Fact checked by Ariel Courage Reviewed by Robert C. Kelly In economics, price elasticity is a measure of how reactive the marketplace is to a change in price for a given product. However, price ...