CBSE Class 12-commerce Answered
What is the effect of increase in consumer’s income on
equilibrium price and quantity?
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
Expert Answer
When there is an increase in income of the consumers, the consumers would tend to spend more on normal goods than the inferior goods where the prices of all goods, tastes and preferences remain constant. There will be shift in demand curve towards rightward with an increase in demand with higher prices and the supply curve will remain the same.
Answered by | 26 Apr, 2016, 09:36: AM
CBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 26 Apr, 2016, 07:36: AM
ANSWERED BY EXPERT
