Question

income elasticity of demand

Answer 1

In economics, income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in the income of the people demanding the good, ceteris paribus. It is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.

Answer 2

Answer:

ɪɴᴄᴏᴍᴇ ᴇʟᴀsᴛɪᴄɪᴛʏ ᴏғ ᴅᴇᴍᴀɴᴅs...........