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What Is Income Elasticity? Explain How This Concept Can Be

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Essay

What is income elasticity? Explain how this concept can be used to measure market potential. If you like, supply an example using a hypothetical product.


Definitions:

Foreign Market

A market outside the company's home country where it conducts business activities or sells products.

Adaptations

Modifications or adjustments made to a product, strategy, or approach to better fit a specific market or set of requirements.

Subsidiary Control

The influence and regulatory mechanisms wielded by a parent company over its subsidiaries' operations and policies.

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