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प्रश्न
Give the formula to measure income elasticity of demand.
समीकरण/सूत्र
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उत्तर
Income elasticity of demand can be measured with the help of the following formula:
ey = `"Percentage change in Quantity Demanded"/"Percentage change in Income"`
ey = `(DeltaQ)/(DeltaY)xxY/Q`
where, ey stands for income elasticity of y demand
Y stands for initial income
ΔY stands for change in income
Q stands for initial quantity
ΔQ stands for change in quantity.
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