Education: State whether the following statements are true or false. 3. Autonomous consumption is income elastic.

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State whether the following statements are true or false. 3. Autonomous consumption is income elastic.

State whether the following statements are true or false.

3. Autonomous consumption is income elastic.

Answer: False. Autonomous consumption is that consumption which is independent of income. This is the minimum level of consumption irrespective of whether a person earns or not. Hence, it is correct to say that the autonomous consumption is income inelastic.

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State whether the following statements are true or false. 3. Autonomous consumption is income elastic.

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)