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Theory Of Consumer Behaviour

Question

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Explain the effect of change in income on demand for a good with the help of diagram.

Solution

(i) In case of Normal Goods:

(ii) In case of Inferior Goods:

Some More Questions From Theory Of Consumer Behaviour Chapter

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

Give an example of a pair of commodities that are substitutes of each other.

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