Economy, asked by monikajindal176, 11 hours ago

Explain how rise in income of a consumer affects the demand of a good. explain with the help of diagram​

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Answered by BVapwpi
0

Answer:

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Answered by THEBLACKREAPER
1

Answer: IN Simple Terms ,

In case of inferior goods when there is increase in the income of the buyer the equilibrium quantity will reduce as the consumer will use its excess purchasing power to purchase superior goods in place of inferior goods.  

[ refrence from net ]

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