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Income elasticity of demand is defined as the responsiveness of

September 27, 2022
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Income elasticity of demand is defined as the responsiveness of

Q. Income elasticity of demand is defined as the responsiveness of:

  1. Quantity demanded to a change in income
  2. Quantity demanded to a change in price
  3. Price to a change in income
  4. Income to a change in quantity demanded

Answer: Quantity demanded to a change in income

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