1. Define the price elasticity of demand and the income elasticity of demand. Price elasticity of demand : The price elasticity of demand measures how much the quantity demanded responds to a change in price. Demand for a good is said to be elastic if the quantity demanded responds substantially to changes in the price. Demand is said to be inelastic if the quantity demanded responds only slightly to changes in the price. Economists compute the price elasticity of demand as the percentage change in the quantity demanded divided by the percentage change in the price. Income elasticity of demand: Income elasticity is about how much a change in consumer income causes a change in quantity demanded. Normal goods (most goods fall into this category) are goods that consumers buy more of when their incomes rise, and less of when their incomes fall. Inferior goods are goods like one-ply toilet paper, top ramen, or generic brand products. When consumers’ incomes rise, consumers buy less of
Influential Person (IPs): "Influential persons" generally refer to individuals who have significant impact, authority, or sway in their respective fields or over others within domestic territory Profession of Influential Person (IPs): 1. Ministers, State Ministers and Deputy Ministers 2. Members of Parliament 3. City Corporation Mayors, Word Commissioners/Councillors, Pouroshova Mayor, Upazilla Chairman, Vice Chairman, and Chairman & Member of Union Parishad. 4. Senior Politicians 5. Members of the governing bodies (Central Executive Committees) of major political parties (especially where a member has significant executive power, e.g., over the selection of candidates or distribution of significant party funds) 6. City/District/Upazilla/Thana President & Secretary of Major Political Parties 7. President/Secretary of different affiliates of major political parties (student, youth, professional affiliates). 8. Candidate of National Election/Local G