Suppose the monthly income of an individual increases from Rs. 10,000 to Rs. 15,000 which increases his demand for clothes from 20 units to 25 units. Calculate the income elasticity of demand
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Answer:
5000/10000*20/5=2
Explanation:
Formula :Change in Income /Actual Income *Actual Price /Change in Price.
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0
Answer:
Explanation:
0.5
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