Income elasticity of demand is defined as the responsiveness of
A). Quantity demanded to a change in income
B). Quantity demanded to a change in price
C). Price to a change in income
D). Income to a change in quantity demanded
Quantity demanded to a change in income
Income Elasticity of Demand (YED) is defined as the responsiveness of demand when a consumer's income changes. It is defined as the ratio of the change in quantity demand over the change in income. The higher the income elasticity, the more sensitive demand for a good is to changes in income.
2. Question 8:Can r lie outside the “1 and 1 range depending on the type of data?
4. Which of the following is the Banker of the Banks
5. The structure of the cold drink industry in India is best described as
7. Question 13:Are fiscal deficits inflationary?