Join ExamsbookAnswer : 3. "Very low in India"
The Income elasticity demand for farm products is5
Q: The Income elasticity demand for farm products is
- 1High in Indiafalse
- 2No demand at allfalse
- 3Very low in Indiatrue
- 4High supply and no demandfalse
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Answer : 3. "Very low in India"
Explanation :
Answer: C) Very low in India Explanation: 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.
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