what-is-the-formula-for-calculating-the-income-elasticity-of-demand

Question

What is the formula for calculating the income elasticity of demand?

Accepted Answer

Percentage change in quantity demanded divided by percentage change in income

Answer

Percentage change in income divided by percentage change in quantity demanded

Answer

Percentage change in price divided by percentage change in quantity demanded

Answer

Percentage change in quantity supplied divided by percentage change in income