Multiple Choice Questions on If quantity of a good demanded increases from 200 to 250 then the average income of the population i........... for SSC CHSL Preparation

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Multiple Choice Questions

If quantity of a good demanded increases from 200 to 250 then the average income of the population i...........

General Studies (CHSL) Indian Economy
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    If quantity of a good demanded increases from 200 to 250 then the average income of the population increases from Rs 20,000 to Rs 30,000, find Arc
    Income elasticity of demand?

    1.45

    Incorrect Answer

    0.55

    Correct Answer

    2

    Incorrect Answer

    1.25

    Incorrect Answer
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    Explanation:

     Income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in income. It is calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.

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