what-is-the-primary-difference-between-income-elasticity-of-demand-and-price-ela

Question

What is the primary difference between income elasticity of demand and price elasticity of demand?

Accepted Answer

Income elasticity measures the response of quantity demanded to changes in consumer income, while price elasticity measures the response to changes in price.

Answer

Income elasticity measures the response of quantity supplied to changes in price, while price elasticity measures the response to changes in consumer income.

Answer

Income elasticity measures the response of quantity demanded to changes in price, while price elasticity measures the response to changes in consumer income.

Answer

Income elasticity measures the response of quantity supplied to changes in consumer income, while price elasticity measures the response to changes in price.