Question

Question 7:
When income is changed
keeping prices of
commodities constant the
price line will​

Answer 1

Answer:

energy, in physics, the capacity for doing work. It may exist in potential, kinetic, thermal, electrical, chemical, nuclear, or other various forms. There are, moreover, heat and work—i.e., energy in the process of transfer from one body to another.

Answer 2

Answer:

When the price of a good changes, the price of that good relative to the price of other goods also changes. Relative price changes cause consumers to substitute from one good to another—this is known as the substitution effect.

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 demand of the other good.

Explanation:

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