Question

explain the relation between income of buyers and demand for goods​

Answer 1

There exist a direct relation between income of buyer and demand for goods.

If income of the consumer increases , while the prices of good remains the same , the consumer can buy more units of the good.

If income of the consumer decreases , while price of goods remains the same , the consumers will buy less units of the good .

There are certain exceptions to this factor ,like in the case of inferior goods , veblan goods and giffen goods . (But do not worry , these exceptions are not generally asked in exams and are only for your knowledge ).

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Answer 2

Explanation:

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