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Q. Show the uses of income elasticity?
A few significant uses of income elasticity are as follows:
First, concept of income elasticity can be used to approximately compute the potential demand only if rate of rise in income and income elasticity of demand for commodities are identified. Information of income elasticity can therefore be useful in predicting demand, when changes in personal incomes are anticipated, other things remaining the same.
Unit Elasticity of Supply Supply is said to be of unit elasticity if changes in price bring about changes in quantity supplied in the same proportion. Thus, when price rises,
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Problem: (a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price
Menu Costs Why do firms not change their prices very frequently? Obviously, the costs of changing prices at frequent intervals and in small amounts must be more than the b
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