Question

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give the formula for cakulating income
elasticity of demand​

Answer 1

Answer:

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Answer 2

Answer:

Check out below for the Answer!

Explanation:

Income Elasticity of Demand = Percentage Change in Quantity Demanded (∆D/D) / Percentage Change in Income (∆I/I)

The formula for income elasticity of demand can be further expanded as:

Income Elasticity of Demand = ($D_{1}$ – $D_{0}$) / ($D_{1}$ + $D_{0}$) / ($I_{1}$ – $I_{0}$) / ($I_{1}$ + $I_{0}$)

where,

$D_{0}$ = Initial Quantity Demanded

$D_{1}$ = Final Quantity Demanded

$I_{0}$ = Initial Real Income

$I_{1}$ = Final Real Income

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