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write a note on determinates of income elasticity of demand
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Gross domestic product (GDP) refers to the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living;GDP per capita is not a measure of personal income. See Standard of living and GDP.It is not to be confused with Gross National Product (GNP) which allocates production based on ownership. Gross domestic product is related to national accounts, a subject in macroeconomics.
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write a note on determinates of income elasticity of demand
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