Answer:income elasticity: Change in the demand curve in response to change in income
Price elasticity: change in demand curve in response to change in price
Step-by-step explanation:
Income elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a CHANGE in income.
Income elasticity of demand=%∆ Qd / %∆income
That is, the ratio of the percentage change in quantity demanded to the percentage change in income.
Price elasticity of demand is the degree of responsiveness of the quantity demand of a commodity to a CHANGE in its own price. It can be calculated using
Price elasticity of demand= %∆Qd / %∆price
That is, the ratio of the percentage change in quantity demanded to the percentage change in price.