Describe income & gross elasticity of demand ?
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Income : Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.
Cross elasticity of demand : In economics, the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the quantity demanded for a good to a change in the price of another good, ceteris paribus.
Cross elasticity of demand : In economics, the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the quantity demanded for a good to a change in the price of another good, ceteris paribus.
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