Income elasticity of demand is
A. the percentage change in quantity demanded divided by the percentage change in income.
B. the percentage change in quantity supplied divided by the percentage change in price.
C. the percentage change in quantity demanded divided by the percentage change in price.
D. the percentage change in income divided by the percentage change in prices.
E. the percentage change in quantity demanded of one good divided by the percentage change in the price of another good.

Question

05-10-2019
Business

contestada

Income elasticity of demand is
A. the percentage change in quantity demanded divided by the percentage change in income.
B. the percentage change in quantity supplied divided by the percentage change in price.
C. the percentage change in quantity demanded divided by the percentage change in price.
D. the percentage change in income divided by the percentage change in prices.
E. the percentage change in quantity demanded of one good divided by the percentage change in the price of another good.

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Dryomys Dryomys · Answer 1 · 2019-10-05T12:57:26+02:00

Answer: Option (a) is correct.

Explanation:

Income elasticity of demand measures the responsiveness of quantity demanded with change in the income level of an individual.

[tex]Income\ elasticity\ of\ demand=\frac{percentage\ in\ quantity\ demanded}{percentage\ change\ in\ income}[/tex]

Income of an individual has a positive relationship with the demand for normal goods and has a negative relationship with the demand for inferior goods.

zame zame · Answer 2 · 2020-04-30T10:25:25+02:00

zame zame

30-04-2020

Answer: Answer is A.

Explanation:

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