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explain the effect of the following on demand of a comodiy 1 change in own price of a commodity 2 change in income if a consumer

Posted by Sohail Khan 7 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Keshav Bindal 7 years, 2 months ago

1 When price increase quantity demanded decrease, when price decrease quantity demanded increase. 2 When Income decrease demand for inferior goods increase and for normal goods decrease and when Income increase demand for inferior goods decrease and for normal goods increase.

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