Identify and Explain the concepts from the given illustration ) Santosh instead of demanding more, reduced the demand for vegetable ghee as his
salary increased.
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Answer:
negative income elasticity of demand
Explanation:
when demand for certain commodity decrease due to increase in income only, it is know as negative income elasticity of demand.( inverse relationship between the demand and income) inferior/Griffen goods have negative income elasticity of demand.
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