Economy, asked by shreyaaathavle, 5 months ago

Degree of responsiveness of qualitity demanded to charge in income only

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Answered by Anonymous

3

Explanation:

The income elasticity of demand reflects the responsiveness of demand to changes in income. It is the percentage change in quantity demanded at a specific price divided by the percentage change in income, ceteris paribus. Income elasticity is positive for normal goods and negative for inferior goods.

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