A necessity is defined as a good having

1.	A necessity is defined as a good having
Answer» An INCOME elasticity of demand between zero and 1 A NECESSITY is defined as a good having an income elasticity of demand between zero and 1. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is GREATER than 1, it is a luxury good or a superior good. A zero income elasticity of demand OCCURS when an increase in income is not associated with a change in the demand of a good.

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An INCOME elasticity of demand between zero and 1

A NECESSITY is defined as a good having an income elasticity of demand between zero and 1. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is GREATER than 1, it is a luxury good or a superior good. A zero income elasticity of demand OCCURS when an increase in income is not associated with a change in the demand of a good.

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A necessity is defined as a good having

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