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Which of the following concepts are relatable to income of members of the public while considering public welfare? 1. Sensitivity of demand 2. Elasticity of demand 3. Sensitivity of expenditure 4. Elasticity of expenditure

Which of the following concepts are relatable to income of members of the public while considering public welfare? 1. Sensitivity of demand 2. Elasticity of demand 3. Sensitivity of expenditure 4. Elasticity of expenditure Correct Answer 1 and 2 only

The correct answer is option 1, i.e 1 and 2 only.

  • Elasticity of demand:
    • The elasticity of demand gives information about the response of a consumer when the cost of product changes.
    • Therefore elasticity of demand gives a direct relationship between consumer income and the price because any purchase of a product in the market depends on the income of an individual.
    • Hence option 1 is correct.
  • Sensitivity of demand:
    • The sensitivity of demand gives details about the change in demand when the change in the price of the product takes place in a market.
    • The sensitivity and elasticity of a demand price are interrelated.
    • Hence the option 2 is correct.

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