Question

If consumers always spend 15 percent of their income
on food, then the income elasticity of demand for food​

Answer 1

Income elasticity of demand for food will be decreased, because as the consumer spends 15% from their income for food alone then. Individual income demand decreases and market supply increases.

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Answer 2

Income elasticity of demand for food​ is equal to 1

Explanation:

If consumers always spend 15 percent of their income   on food, then the income elasticity of demand for food​ is 1

This is because The demand for the food will be highly responsive to the change in the income of the consumers .

Income elasticity of demand refers to the sensitivity of the quantity demanded for a certain good to a change in real income of consumers who buy this good, keeping all other things constant.

#Learn more :

Smriti has decided always to spend one-third of her income on clothing. What is her income elasticity of clothing demand?

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