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Explain the effect of rise in …

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Explain the effect of rise in income of a consumer on his demand for a commodity 6 marks ans

Posted by Ishani Mohan 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Sumit Garg 6 years, 9 months ago

NORMAL GOODS - when the income of the consumer will increse the the demand of normal good will also increse. FOR EXAMPLE - IF THE INCOME OF THE CONSUMER WILL INCRESE THEN HE WILL BE ABLE TO SHIFT FROM BLACK AND WHITE TV TO COLOURFUL TV SET, SO , COLOURFUL TV SET IS NORMAL GOOD . INFERIOR GOODS - when the income of the consumer increses then the goods whose demand decreses is known as inferior goods . FOR EXAMPLE - IF THE INCOME OF THE CONSUMER WILL INCRESE THEN THE HE WILL BE ABLE TO SHIFT IN COLOURFUL TV FROM BLACK AND WHITE TV SET , SO, BLACK AND WHITE TV SET IS SAID TO BE INFERIOR GOOD .

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