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प्रश्न
Why is knowing income elasticity of demand important for businesses and the government?
विकल्प
It predicts changes in prices
It helps forecast changes in demand with income
It tells how to increase supply quickly
It shows consumer preferences for local brands
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उत्तर
It helps forecast changes in demand with income
Explanation:
Income elasticity guides business planning and economic policy by showing how demand for products changes as income changes.
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