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yKpoI14uk [10]
3 years ago
9

What is the relationship between income and demand?.

Business
1 answer:
nasty-shy [4]3 years ago
4 0

Answer:

<em>An </em><em>increase </em><em>in </em><em>income </em><em>increases</em><em> </em><em>demand.</em><em> </em><em>Demand </em><em>is </em><em>elastic</em><em> </em><em>when </em><em>a </em><em>given</em><em> </em><em>change</em><em> </em><em>in </em><em>price </em><em>causes </em><em>a </em><em>relatively</em><em> </em><em>smaller</em><em> </em><em>change </em><em>in </em><em>quantity</em><em> </em><em>demanded</em><em>.</em><em> </em><em>Demand</em><em> </em><em>is </em><em>unit </em><em>elastic</em><em> </em><em>when </em><em>a </em><em>given</em><em> </em><em>change</em><em> </em><em>in price</em><em> </em><em>causes</em><em> a</em><em> </em><em>proportional</em><em> </em><em>change </em><em>in </em><em>quantity</em><em> </em><em>demanded</em><em>.</em><em> </em>

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Answer:

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