Question

Difference between elasticity of demand elasticity of supply and income elasticy

Answer 1

Heya....

Elasticity of demand...

It is the % change in Quantity demanded in response to % change in price....

Elasticity of supply...

It is the % change in quantity supplied by producer in response to % change in price of the commodity...

Elasticity of income...

It is the % change in goods demanded in response to % change in income...

-- Be Brainly....

Answer 2

●.The difference between price elasticity of demand and income elasticity of demand is that Select one:

● Income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price.