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Which of the following formula determine the income elasticity of demand?:

A. Proportionate change in demand Proportionate change in price

B. Proportional change in the purchase of Y Proportional change in the price of X

C. Proportionate change in demand Proportionate change in income

D. Proportionate change in demand Proportionate change in price

Correct Answer : C.


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  2. In monopolistic competition, the firms face:
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  12. A market demand schedule is obtained by adding individual demand schedules:
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  19. The kinked demand curve comes into being where:
  20. Whish of the following represents the average revenue curve of a firm?
  21. In a perfectly competitive market, suppliers must know:
  22. Some economists refer to iso-product curves as:
  23. Ceteris paribus clause in the law of demand means:
  24. The concept of period refers to:
  25. Labor theory was firstly rejected by:
  26. The main contribution of Alfred Marshal is in the field of:
  27. The relationship between price effect, income effect and substitution effect is:
  28. If two households have identical preferences but different incomes then:
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  30. In monopoly, new firms: