Question

Income elasticity measures how a good's quantity demanded responds to change in the goods price. producers' incomes. change in the price of another good. change in buyers' incomes.

Answer 1

change in buyers' incomes.

Step-by-step explanation:

Income elasticity of demand measures the responsiveness of quantity demanded to changes in income of the consumer.

Income elasticity of demand = percentage change in quantity demanded / percentage change in income

Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price.

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