Textbook Definition of Income Elasticity: The percentage change in quantity demanded of a good when income rises by 1%; a measure of whether a good is "normal" or "inferior."
She-conomic Definition: Assume that "income" is the financial, physical, and emotional "resources" an individual possesses (e.g., self-esteem, money, sex appeal, intelligence, etc.) as means for "purchasing" or attracting dates. When income rises, demand for "normal goods" (dates with "higher-quality" people) rises, while demand for "inferior goods" (dates with "lower-quality" people) falls.
For example, in The Office, when Pam's "income" rises (i.e., when her self-confidence grows in Season 3, as evidenced by her bravery in the Beach Games episode), she reduces dating activities with low-quality men (Roy) and increases dating with high-quality men (Jim!).
I mentioned a few examples of factors that might constitute "income." Can you think of anything else that might add to an individual's "date purchasing power"? How would you describe an "income-normal" man or woman?
