What is income elasticity of demand, Microeconomics

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What is income elasticity of demand

Problem

1) Define price elasticity of demand? What is significance (applications) of price elasticity in the real world?

2) Discuss briefly various determinants of the price elasticity of Supply.

3) What is income elasticity of Demand?

4) Make a distinction between price ceiling and price floor.

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Microeconomics: What is income elasticity of demand

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Microeconomics: What is income elasticity of demand

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