Economy, asked by sadhanand25, 4 months ago

how change in prices affect family budget

Answers

Answered by bhimacharan92

1

Answer:

The budget constraint framework suggest that when income or price changes, a range of responses are possible. When income rises, households will demand a higher quantity of normal goods, but a lower quantity of inferior goods. ... Also, a higher price for one good can lead to more or less of the other good being demanded.

Answered by preranaprerana94

1

Answer:

the family have a fixed budget for the money they earn but the price of the necessary things rose they can't afford that and remain undeveloped

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