Question

answer them aims and objective study the responsiveness of demand for commodities like salt Matchbox candles television food grain with respect to income level of five families aims and objectives​

Answer 1

Answer:

The responsiveness of these commodities can easily be studied by taking a look at their PED status.

PED means, Price Elasticity of Demand. This refers to the responsiveness of quantity demanded of a good/service with respect to change in its price. When taking a look at the income level of different families its quite obvious that

-lower class will highly demand (needs like salt and matchbox)

-upper class with highly demand (needs but also wants like, T.V)

This doesn't only depend on the good itself but also the income level. when families have a higher disposable income, they will aim at buying luxurious goods too. But the poor cant buy luxury goods as they cannot afford to do so. So they will aim at buying grain and salt, which are the necessities.