Question: I would like to get input on talking points around this attached subject slide of Income Elasticity of Demand. - Talking points should first explain

I would like to get input on talking points around this attached subject slide of Income Elasticity of Demand.

- Talking points should first explain the concept in very simple terms that anyone can understand.

- And also the talking points should cover how income elasticity of demand affect profits.

- It is okay to assume and to utilize scenarios of specific company (i.e. Apple product, Tesla model 3, or any company and its product) to demonstrate how a change could change profits.

I would like to get input on talking points around this attached

Income Elasticity of Demand (Y ED) Demand income elasticity (Y ED) demonstrates the effect of a change in income on the quantity requested. The formula for calculating YED is: % change in quantity demanded Income elasticity of demand = _ _ % change m income When a positive result is given by the equation, the good is a normal good and if YED is negative, the good is rated as inferior. Knowing YED lets the business determine whether, after a shift in customer incomes, to increase or lower prices

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