One important example of this is that if developing countries produce mainly primary products and low value manufactured goods with a low income elasticity of demand, while developed countries specialise in high income elasticity manufactured goods the developing countries will grow at a relatively slower rate ( Davidson, 1991 ).
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One important example of this is that if developing countries produce mainly primary products and low value manufactured goods with a low income elasticity of demand, while developed countries specialise in high income elasticity manufactured goods the developing countries will grow at a relatively slower rate ( Davidson, 1991 ).
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If the real exchange rate varies considerably, but the price elasticities of demand for imports and exports are low, the long run growth of the economy will then be determined by the growth of world income times the ratio of the income elasticity of demand for exports and imports which are determined by the structural characteristics of countries.
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For example, the " elasticity of demand with respect to income " or the " income elasticity of demand " for a product refers to the percentage change in the quantity of the product demanded in response to a 1 % change in consumers'income, or more generally to the ratio of the percentage change in quantity demanded to the percentage change in income.
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Labelled drug-related public expenditure showed a positive association with the GDP across the countries considered : r = 0.81 in the case of Health, and r = 0.91 for POS . The percentage change in Health and POS expenditures due to a one percent increase in GDP ( the income elasticity of demand ) was estimated to be 1.78 % and 1.23 % respectively.
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