Question

what is incom elasticity of demand​

Answer 1

Answer:

“Income elasticity of demand means the ratio of the percentage change in the quantity demanded to the percentage in income”- Watson. For example, the demand for a product increases with increase in consumer s income and vice versa, while keeping other factors of demand at constant.

Explanation:

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Answer 2

➪ In economics, the income elasticity of demand is the responsiveness of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income.

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