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CBSE Class 12-commerce Answered

What are the changes in the set of available bundles of goods resulting from changes in the consumer’s income?
Asked by Topperlearning User | 25 Apr, 2016, 12:47: PM
answered-by-expert Expert Answer

Changes in the consumer’s income will result in a change in the set of available bundles of goods. A parallel inward shift of the budget line occurs when the income of the consumer decreases and a parallel outward shift of the budget line is observed when the income of the consumer increases.

Answered by | 25 Apr, 2016, 02:47: PM
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Asked by Topperlearning User | 25 Apr, 2016, 12:47: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
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ANSWERED BY EXPERT ANSWERED BY EXPERT
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