The change in the optimal quantity of a good when its price changes and the consumer’s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?
If quantity of a good demanded increases from 200 to 250 then the average income of the population increases from Rs 20,000 to Rs 30,000, find Arc Income elasticity of demand?
The line graph shows the record of number of admissions to a certain coaching centre from 2011 to 2016. Study the diagram and answer the following question.
Admissions in the year 2014 grew by _______ percent as compared to the previous year.