If income rises by 20% and the quantity demanded of an item rises by 10%, the income elasticity of demand for this item is:

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christinasmith2985 christinasmith2985

21-02-2022
Business

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If income rises by 20% and the quantity demanded of an item rises by 10%, the income elasticity of demand for this item is:

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Martebi Martebi · Answer 1 · 2022-02-25T11:13:49+01:00

The income elasticity of demand for this item is the income elasticity is 0.4 and the good is a normal good.

What is Income Elasticity Of Demand?

Note that for good or service that has a unique Income Elasticity Of Demand, is said to change in course of time.

The Income Elasticity Of Demand is known to be to how sensitive the quantity demanded for a said good is due to the changes in income levels.

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