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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.
4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector
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