Economy, asked by iseisie, 3 months ago

the income elasticity of demand is 0.5. what can you determine about consumer demand for your product from this information

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Answered by maylehussain7292
0

ANSWER:-

Demand for product B is income elastic because income elasticity is 0.5. This means that the change in demand is proportionately less than the change in income. The value of income elasticity can also show whether goods are normal goods or inferior goods.

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