Income elasticity of demand is a measure of how much demand for a good or service changes in response to a change in income.

. Income Elasticity of Demand: Definition and Formula. What are different types of demand? There are four different types of demand: inelastic, elastic, unit elastic, and perfectly elastic. Inelastic demand is when the quantity demanded does not change much in response to price changes. This happens when there are few substitutes for the good or … Read more

What is a Partner?

A partner is a person (natural or legal) who at a certain point in time has acquired certain obligations and rights of a company or organization. The partners have a common purpose which, normally, is to make the organization or society meet its objectives. When the partners join in a company, the rights and obligations … Read more