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Define marginal revenue

Marginal revenue: This is the change in total revenue by selling one more or a lesser amount of unit of commodity.

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    Q : Define the income elasticity of demand

    The income elasticity of demand is a measure of the: (w) relative responsiveness of quantity demanded to changes within income. (x) absolute change within demand yielded by an absolute change within income. (y) slope of the income-consumption curve. (