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Income Elasticity of different consumer goods
Commodities
Coefficient of income elasticity
Impact on expenditure
Necessities
Less than unitary (ey< 1)
Less than proportionate change in income
Comforts
Almost equal to unity (ey = 1 )
Almost proportionate change in income
Luxuries
Greater than unity (ey> 1) M
More than proportionate increase in income
Second, the concept of income elasticity could also be used to describe the 'inferior' and 'regular' goods. The goods whose income elasticity is positive for all levels of income are known as 'regular goods'. Instead, the goods for that income elasticity is negative, further than a specific level of income, are called as 'inferior goods'.
Real Rigidities The New Keynesian economists rely both on nominal and real rigidities to arrive at their conclusion that nominal changes in money supply have real, and not
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