What does the income elasticity of demand measure?

What will be an ideal response?

The income elasticity of demand measures how the quantity demanded of a good responds to a change in income. The formula for the income elasticity of demand is the percentage change in the quantity of the good demanded divided by the percentage change in income.

Economics

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Why is the price elasticity of supply greater if there is more time for adjustment to an increase in the price of an item?

What will be an ideal response?

Economics

IMF refers to the International Market Fund

Indicate whether the statement is true or false

Economics