Give economic term:
1) Degree of responsiveness of quantity demanded to change in income only.
Ans: – Income elasticity
2) Degree of responsiveness of a change in quantity demanded of one commodity due to change in the price of another commodity.
Ans: – Cross elasticity
3) Degree of responsiveness of a change of quantity demanded of a good to a change in its price.
Ans: – Elasticity demand
4) Elasticity resulting from infinite change in quantity demanded.
Ans: – Perfectly Elasticity of demand
5) Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
Ans: – Price Elasticity