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The difference between price elasticity of demand and income elasticity of demand is that

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The difference between price elasticity of demand and income elasticity of demand is that

The difference between price elasticity of demand and income elasticity of demand is that

• income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price.

• income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes.

• income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve.

• income elasticity refers to the movement along the demand curve while price elasticity refers to a horizontal shift of the demand curve.

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Economics Today: The Micro View

Edition: 19^th

Author: Miller

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