What does IEOD mean in Unclassified?

This page is about the meanings of the acronym/abbreviation/shorthand IEOD in the Miscellaneous field in general and in the Unclassified terminology in particular.

Income Elasticity of Demand

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Definition

What does IEOD mean?

Income elasticity of demand
In economics, the income elasticity of demand is the responsiveness of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income. If a 10% increase in Mr. Smith's income causes him to buy 20% more bacon, Smith's income elasticity of demand for bacon is 20%/10% = 2.

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"IEOD." Abbreviations.com. STANDS4 LLC, 2024. Web. 29 Nov. 2024. <https://www.abbreviations.com/term/1900147>.

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