Income elasticity of demand describes how change in income affects the quantity demanded of a good.
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Q68: The ratio of the percentage change in
Q69: As a price change persists over a
Q70: A price increase will always increase a
Q71: If an increase in quantity demanded of
Q72: A positive value for the cross elasticity
Q74: A price increase will always cause a
Q75: The elasticity of demand is determined partly
Q76: Since housing generally represents a large part
Q77: Necessities, such as food and shelter, are
Q78: A tax on cigarettes can be expected
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