what is income elasticity of demand?
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⠀⠀⠀ ❈ ᴛʜᴇ ɪɴᴄᴏᴍᴇ ᴇʟᴀꜱᴛɪᴄɪᴛʏ ᴏғ ᴅᴇᴍᴀɴᴅ ɪꜱ ᴛʜᴇ ʀᴇꜱᴘᴏɴꜱɪᴠᴇɴᴇꜱꜱ ᴏғ ᴛʜᴇ ϙᴜᴀɴᴛɪᴛʏ ᴅᴇᴍᴀɴᴅᴇᴅ ғᴏʀ ᴀ ɢᴏᴏᴅ ᴛᴏ ᴀ ᴄʜᴀɴɢᴇ ɪɴ ᴄᴏɴꜱᴜᴍᴇʀ ɪɴᴄᴏᴍᴇ. Iᴛ ɪꜱ ᴍᴇᴀꜱᴜʀᴇᴅ ᴀꜱ ᴛʜᴇ ʀᴀᴛɪᴏ ᴏғ ᴛʜᴇ ᴘᴇʀᴄᴇɴᴛᴀɢᴇ ᴄʜᴀɴɢᴇ ɪɴ ϙᴜᴀɴᴛɪᴛʏ ᴅᴇᴍᴀɴᴅᴇᴅ ᴛᴏ ᴛʜᴇ ᴘᴇʀᴄᴇɴᴛᴀɢᴇ ᴄʜᴀɴɢᴇ ɪɴ ɪɴᴄᴏᴍᴇ.
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hey there is your answer
in economics,the income elasticity of demand is representative Ness of the quantity demanded for a good to a change in consumer income.
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