The difference between price elasticity of demand and income elasticity of demand is that A. income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price. B. income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve. C. income elasticity refers to the movement along the demand curve while price elasticity refers to a vertical shift of the demand curve. D. income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes.

Question

25-03-2020
Business

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The difference between price elasticity of demand and income elasticity of demand is that A. income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price. B. income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve. C. income elasticity refers to the movement along the demand curve while price elasticity refers to a vertical shift of the demand curve. D. income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes.

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alinakincsem alinakincsem · Answer 1 · 2020-03-29T17:50:33+02:00

Answer:

The difference between price elasticity of demand and income elasticity of demand is that income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes.

Income elasticity of demand is the measures of the demand of a good or a service in response to the change in income. Whereas the price elasticity of demand refers to the change in the desire to buy a product with an increase in its price.