Economy, asked by aloksivastav28889, 11 months ago

what is the income elasticity of demand??

Answers

Answered by libisha

3

Answer:

the degree of responsiveness of change in quantity demanded by the change in income is called as income elasticity of demand

Answered by puja1642

1

Answer:

Income elasticity of demand means the responsiveness of the quantity demanded for a good or service to 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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