Income Consumption Curve

Question

22 Sep 2022

Answer :

Word Count : 355

In economics and particularly in consumer choice theory, the income-consumption curve (also called income expansion path and income offer curve) is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.

The income effect in economics can be defined as the change in consumption resulting from a change in real income. This income change can come from one of two sources: from external ______ __________ ____ __________ _________ ____ ________ _____ __________ ______ ______ _______.
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