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What are the changes in the set of available bundles of goods resulting from changes in the consumer’s income?

Asked by Topperlearning User 25th April 2016, 12:47 PM
Answered by Expert

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 Expert 25th April 2016, 2:47 PM
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