Economy, asked by khushi369sharma, 4 months ago

Let’s take Demand for Cooking Gas
What will happen to cross elasticity and income elasticity?
What will happen to price elasticity?
Explain your Perspective ?

Answers

Answered by avni49768

Answer:

Gasoline is a relatively inelastic product, meaning changes in prices have little influence on demand. Price elasticity measures the responsiveness of demand to changes in price. Almost all price elasticities are negative: an increase in price leads to lower demand, and vice versa.

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