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A change in income preferences or prices of other goods or services leads to a that causes a:______
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A change in income preferences or prices of other goods or services leads to a that causes a:______

User Matt Kim
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1 Answer

1 vote

Answer:

change in demand; shift of the demand curve.

Step-by-step explanation:

We know that income elasticity of demand derives by considering the percentage change in quantity demanded and percentage change in income

In mathematically,

Income elasticity of demand = (percentage change in quantity demanded) รท (percentage change in income)

By considering the above information, the change in income preferences is due to change in demand plus it also shift of the demand curve

User LueTm
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