income elasticity greater than unity

Income elasticity of Demand

Definition: The income elasticity of demand measures how the quantity demanded changes as consumer income changes. Economists compute the income elasticity of demand as the …

Price elasticity of demand

Elasticity of Demand

Introduction: The concept of elasticity of demand was first introduced by the classical economists A.A. Cournot and J.S. Mill. Later on, neo-classical economist Alfred Marshall …

Accounting Concept and Principle

Accounting Concept and Principle

Importance of Accounting Concept and Principle Accounting concepts and principles are the guidelines and rules which maintain the accounting standard of recording transactions. These principles …


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