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प्रश्न
What is meant by income elasticity of demand?
What is income elasticity of demand?
लघु उत्तरीय
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उत्तर
Income elasticity of demand `(E_i^d)` measures the responsiveness of the quantity demanded of a good to a change in consumer income. It shows how the demand for a good changes as a result of a change in income, indicating whether the good is a normal good or an inferior good.
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