Question

Explain the effect of increase in income of the consumer on demand for the good

Answer 1

Answer: The effect that income has on the amount of a product that consumers are willing and able to buy depends on the type of good we're talking about. ... In other words, for these goods when income rises the demand for the product will increase; when income falls, the demand for the product will decrease.

Explanation:

Answer 2

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If the income of the consumer increases in case of normal goods, then an increase in income leads to demand for the good. While in case of inferior goods it leads to decrease in demand because the consumer's income is increasing so he demands for good quality goods instead of inferior good.