Economy, asked by poonamsonipsoni, 1 year ago

Income elasticity of demand and elasticity of demand is same or not?

surbhiambashta2: are u a moderator ??plz help me

poonamsonipsoni: No am not a moderator

Answers

Answered by brainlystargirl

28

Heya...

No, both are different concepts...

Income elasticity is the measurement of % change in quantity demanded in response to % change in income...

While,,

Elasticity of demand is the % change in quantity demanded in response to various factors that can be anything as price, income, taste etc..

Thank you

poonamsonipsoni: Thanks

poonamsonipsoni: Can u give me a short notes on income elasticity of demand?

poonamsonipsoni: Okkk

poonamsonipsoni: No worry

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