Question

How equilibrium price and quantity affected when income of the consumer increases and decreases ?​

Answer 1

【H】【E】【Y】 【M】【A】【T】【E】

☑️For,a normal commodity and increase in income of the consumer means increase in its demand . According,demand curve shift rightward and both equilibrium price and equilibrium quantity tends to increase .

☑️ For ,a normal commodity decreases in income of the consumer means decrease in its demand . Accordingly demand curve shift leftward and both equilibrium price and equilibrium quantity tends to decrease .

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Answer 2

When income of the consumers increase then demand will also increase. But it is possible only in case of normal goods As result there is an increase in both equilibrium price and equilibrium quantity. ... As a result demand curve shifts leftward and both equilibrium price and quantity will decrease.

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