Question

what do you mean by income elasticity?

Answer 1

Explanation:

here is your answer

• From Wikipedia, the free encyclopedia. In economics, income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in income. It is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.

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Answer 2

the free encyclopedia. In economics, income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in income. It is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.