Question

Income elasticity of demand is defined as the responsiveness of​

Answer 1

Answer:

income elasticity e of demand (YED ) is defined as the responsiveness of demand when a consumer's income changes it is defined as the ratio of the change in quantity demand over the change in income the higher the income elasticity the most sensitive demand for a good is to changes in income .............

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Answer 2

Answer:

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. It is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.