Question

find the odd one
method of measuring price elasticity of demand: ratio method, total outlay method, income method, geometric method

Answer 1

ratio method, income method ,geometric method

Answer 2

The odd one out is the income method.

• The pre-tax earnings produced by people and businesses in the economy are summed together to determine the national income using this method.
• In an accounting year, it comprises the revenue from labour, rent from real estate and structures, capital interest, and profits, among other things.
• Thus, It displays the proper distribution of national revenue among various economic earning categories.
• Depending on how it is obtained, the revenue. It consists of the following elements:

1. The total employee pay
2. Mixed self-employment income
3. Operating surplus - Rent, profit and interest

• So, rather than assessing the price elasticity of demand, this approach is typically utilised to determine national income.

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