Tag Archives: income elasticity of demand

Economics Questions and Answers – Part9

161. What are derived demand? Demand is said to be derived when it is tied to the demand for some ‘parent’ product. 162. What are autonomous demand? When the demand for a commodity is entirely independent of demand for any other commodities it is autonomous demand. 163. What are industry demand? Industry demand means the


Economics Questions and Answers – Part1

This is the Part 1 general knowledge questions and answers section on “Economics” with explanation for various interview, competitive examination and entrance test. Solved examples with detailed answer description, explanation are given and it would be easy to understand.  1. What is Economics? Economics is the study of how goods and services produced and how


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