Explain - cross elasticity of demand and income elasticity of demand.
Answers
Answer:
measures the responsiveness of demand for one commodity to changes in the price of another good.
Explanation:
Income elasticity of demand – which measures how demand responds to a change in income – is always negative for an inferior good and positive for a normal good. ... Cross elasticity of demand measures the responsiveness of demand for one commodity to changes in the price of another good.
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Answer:
Income elasticity of demand – which measures how demand responds to a change in income – is always negative for an inferior good and positive for a normal good. ... Cross elasticity of demand measures the responsiveness of demand for one commodity to changes in the price of another good.
Explanation:
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