Monetary policy is the process of drafting, announcing, and implementing the plan of actions taken by the central bank, currency board, or other competent monetary authority
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The income elasticity is measures the sensitivity of quantity demanded for a goods or services to a change in consumer’s income
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actors of production transforms those resources into different goods or services which is made available to the end user.
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elasticity of demand is derived to know how much quantity demanded changes for a change in the price of goods or services.