Academic MBA Question:
a. Suppose the monthly income of an
individual increases from Rs. 10,000 to Rs. 15,000 which increases his demand
for clothes from 20 units to 25 units. Calculate the income elasticity of
demand and interpret the result.
a. Suppose the monthly income of an
individual increases from Rs. 10,000 to Rs. 15,000 which increases his demand
for clothes from 20 units to 25 units. Calculate the income elasticity of
demand and interpret the result.