explain with the help of diagrams the effect of the following changes on the demand of the commodity.
i) An unfavorable change in taste of the buyer for the commodity.
ii) A fall in the income of its buyer, if the commodity is inferior.
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(i) An unfavourable change in taste of the buyer results in fall in demand for a commodity from Pa to Pb [Refer Fig. (a)].
(ii) A fall in income of the buyers of the inferior commodity, implies increase in its demand from Pa to Pb [Refer Fig. (b)].
нєу мαтє нєʀє ιѕ уσυʀ αηѕωєʀ.
(ii) A fall in income of the buyers of the inferior commodity, implies increase in its demand from Pa to Pb [Refer Fig. (b)].
нєу мαтє нєʀє ιѕ уσυʀ αηѕωєʀ.
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