Question

Find the odd word:

Methods of measuring price elasticity of demand:

Income method, Percentage method, Total Expenditure method, Point method/Geometric method.

Answer 1

Income method

Explanation:

While the others measure how price changes affect demand, the income method (or income elasticity) measures how changes in a consumer’s earnings affect their buying habits. The percentage, total expenditure, and geometric methods are all specific tools used strictly to calculate price elasticity.