Economy, asked by priyakchauhan97226, 7 months ago

what is the income elasticity demand??​

Answers

Answered by NailTheArtist2
1

Income elasticity of demand refers to the sensitivity of the quantity demanded for a certain good to a change in real income of consumers who buy this good, keeping all other things constant. ... With income elasticity of demand, you can tell if a particular good represents a necessity or a luxury.

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