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degree of responsiveness of quantity demanded to change in income only
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degree of responsiveness of quantity demanded to change in income only...
Income elasticity of demand is an economic measure of how responsive the quantity demand for a good or service is to a change in income. The formula for calculating income elasticity of demand is the percent change in quantity demanded divided by the percent change in income.
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degree of responsiveness of quantity demanded to change in income only Related: MCQs - Elasticity of Demand?
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