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Illustrate the income changes and consumption choice.
Income Changes and Consumption Choice:
This is of interest to see at how the consumer’s demand changes when we hold prices fixed and permit income to vary; the resulting locus of utility-maximizing bundles is termed as the income expansion path. By the income expansion path, derive a function which relates income to the demand for all commodities (at constant prices).
Such functions are termed as Engel curves. Two possibilities are there: (a) when income increases, then the optimal consumption of a good increases. This good is termed as a normal good. (b) When income increases, in that case the optimal consumption of a good decreases. That good is termed as interior good.
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
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