Ans: Income elasticity of demand is an economic measure of how responsive the quantity demand for a good or service is to a change in income. The formula for calculating income elasticity of demand is the percent change in quantity demanded divided by the percent change in income
Aakash bought vegetables weighing 10Kg. Out of this, 3Kg 500g is onions, 2Kg 75g is tomatoes and the rest is potatoes. What is the weight of the potatoes?