Q. 2. Give economic terms :
1) Degree of responsiveness of quantity demanded
to change in income only.
2) Degree of responsiveness of a change in quantity
demanded of one commodity due to change in
the price of another commodity.
3) Degree of responsiveness of a change of quantity
demanded of a good to a change in its price.
4) Elasticity resulting from infinite change in
quantity demanded.
5) Elasticity resulting from a proportionate change
in quantity demanded due to a proportionate changes in price
Answers
Answered by
1
Answer:
The cross elasticity of demand is an economic concept that measures the responsiveness in the quantity demanded of one good when the price for another good changes
Answered by
2
Answer:
- Income elasticity of demand
- Cross elasticity of demand
- Price elasticity of demand
- Perfectly elastic demand
- Unitary elastic demand
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