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.
Click here to see the full blog post