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Answer to Question #249376 in Economics for Casa
Question #249376
Distinguish between income elasticity of demand and cross price elasticity of demand. Include a provision of their formula.
Expert's answer
Income elasticity of demand measures how demand responds to a change in income, it is always negative for an inferior good and positive for a normal good.
Cross elasticity of demand measures the responsiveness of demand for one commodity to changes in the price of another good.
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