Questions

The legendary Indian cricketer Sunil Gavaskar has achieved a number of milestones in his cricket career and till this day, can now add another feather to his illustrious cap as a stadium in the United States of America will be named after him and he remains an inspiration for aspiring batsmen across India. The stadium, which is being built in Louisville, Kentucky, will be named as Sunil Gavaskar Field. It is a first for any Indian cricketer.

Income easticity of demand measures the responsiveness of demand for any goods to changes in income. With increase in incomes generally the demand for farm products like rice wheat etc, will not change drastically. With income increase, demand for luxuries such as consumer durables etc will increase. The income elasticity  of demand for farm products is thus low.