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distinguish between price elasticity of demand and income elasticity of demand

Q: Distinguish between price and income elasticity of demand?

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distinguish between price elasticity of demand and income elasticity of demand

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1)price elasticity of demand

2)income elasticity of demand

3)cross elasticity of demand

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Unitary elasticity is when the price elasticity of demand is exactly equal to one.

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Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.

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In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.

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