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960:. This income change can come from one of two sources: from external sources, or from income being freed up (or soaked up) by a decrease (or increase) in the price of a good that money is being spent on. The effect of the former type of change in available income is depicted by the income-consumption curve discussed in the remainder of this article, while the effect of the freeing-up of existing income by a price drop is discussed along with its companion effect, the
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and not I, then the demand for X would fall . In that case, X would be called an inferior good i.e. demand for good X decreases with a rise in income of the consumer. Thus, a rise in income of the consumer may lead his demand for a good to rise, fall or not change at all. It is important to note here that, the knowledge of preferences of the consumer is essential to predict whether a particular good is inferior or normal.
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an increase in the income of the consumer the budget line moves from B1 to B2 and the consumer would choose X bundle and subsequently, with a further rise in consumer's income the budget line moves from B2 to B3 and the consumer would choose X bundle and so on. The consumer would thus maximize his utility at the points X, X and X, and by joining these points, the
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The consumer maximizes his utility at points X and X and by joining these points, the income–consumption curve can be obtained. In figure 3, the income–consumption curve bends back on itself as with an increase income, the consumer demands more of X and less of X. The income–consumption curve in this
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in which case, the demand for the good increases as money income rises. However, if the consumer has different preferences, he has the option to choose X or X on budget line B2. As the income of the consumer rises, and the consumer chooses X instead of X i.e. if the consumer's indifference curve is I
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In the figure 2 to the left, B1, B2 and B3 are the different budget lines and I, I and I are the indifference curves that are available to the consumer. As shown earlier, as the income of the consumer rises, the budget line moves outwards parallel to itself. In this case, from initial bundle X, with
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In the figure, this means that the change in the money income of the consumer will shift the budget line B1 outward parallel to itself to B2 where the bundle X bundle will be chosen. Again, an increase in the money income of the consumer will push the budget line B2 outward parallel to itself to B3
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of consumer behavior investigates the effects of changes in the exogenous or independent variables (especially prices and money incomes of the consumers) on the chosen values of the endogenous or dependent variables (the consumer's demands for the goods). When the income of the consumer rises with
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respectively, where B1 and B2 are the budget lines and I and I are the indifference curves. Figure 3 clearly shows that, with a rise in the income of the consumer, the initial budget line B1 moves outward parallel to itself to B2 and the consumer now chooses X bundle to the initial bundle X. The
964:, in the article on the latter. For example, if a consumer spends one-half of his or her income on bread alone, a fifty-percent decrease in the price of bread will increase the free money available to him or her by the same amount which he or she can spend in buying more bread or something else
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Figure 1: An increase in the income, with the prices of all goods fixed, causes consumers to alter their choice of market basket. The extreme left and right indifference curves belong to different individuals with different preferences, while the three central indifference curves belong to one
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The income effect is a phenomenon observed through changes in purchasing power. It reveals the change in quantity demanded brought by a change in real income. The figure 1 on the left shows the consumption patterns of the consumer of two goods X and X, the prices of which are
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with an outward shift of the budget line from B1 to B2 (caused due to rise in the income of the consumer). This essentially means that, good X is a normal good as the demand for X rose with an increase in the income of the consumer.
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with an outward shift of the budget line from B1 to B2 (caused due to rise in the income of the consumer). This implies that, good X is an inferior good as the demand for X fell with an increase in the income of the consumer.
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individual for whom the income-consumption curve is shown. Each blue line represents one level of total consumption expenditure common to all its points; its slope depends on the two goods' relative prices.
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The consumer's preferences, monetary income and prices play an important role in solving the consumer's optimization problem (choosing how much of various goods to consume so as to maximize their
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is the set of tangency points of indifference curves with the various budget constraint lines, with prices held constant, as income increases shifting the budget constraint out.
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where the bundle X will be the bundle which will be chosen. Thus, it can be said that, with variations in income of the consumers and with the prices held constant the
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1501:. Mainland China: Tsinghua University Press/Prentice-Hall. p. 98.
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In the case illustrated with the help of Figure 1 both X and X are
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constant, will shift the budget line outward parallel to itself.
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1349:{\displaystyle \Delta X_{n}^{1}=X^{1}(p_{1},m)-X^{1}(p_{1},m').}
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1020:. An increase in the money income of the consumer, with
1421:. Upper Saddle River: Pearson Prentice Hall. p.
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figure shows that, the demand for X has risen from X
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Figure 2: Income-consumption curve for normal goods
1485:, EconomicsConcepts.com, retrieved April 25, 2017.
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2151:Mathematical
2111:Experimental
2106:Evolutionary
2091:Econometrics
1949:Public goods
1923:Price system
1918:Price signal
1832:Monopolistic
1791:
1701:Distribution
1616:Major topics
1567:. Retrieved
1563:the original
1558:
1497:
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1457:the original
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1359:Engel curves
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978:feasible set
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845:Publications
810:
433:Sociological
406: /
304:Geographical
284:Evolutionary
259:Digitization
224:Agricultural
128:Mathematical
99:Econometrics
31:
26:
2116:Game theory
2081:Development
2028:Uncertainty
1908:Price floor
1888:Preferences
1827:Competition
1797:Information
1760:Externality
1743:Equilibrium
1684:Transaction
1662:Opportunity
1623:Aggregation
1365:Engel curve
681:von Neumann
334:Information
274:Engineering
254:Development
249:Demographic
191:Game theory
133:Methodology
2249:Categories
2146:Managerial
2066:Behavioral
1939:Production
1876:Oligopsony
1716:Elasticity
1628:Budget set
1569:August 10,
1393:References
840:Economists
711:Schumacher
616:Schumpeter
586:von Wieser
506:von Thünen
467:economists
443:Statistics
438:Solidarity
359:Managerial
324:Humanistic
319:Historical
264:Ecological
229:Behavioral
123:Mainstream
2187:Economics
2059:Subfields
1954:Rationing
1871:Oligopoly
1866:Monopsony
1854:Bilateral
1787:Household
1638:Convexity
1304:−
1251:Δ
1142:Δ
927:economics
756:Greenspan
721:Samuelson
701:Galbraith
671:Tinbergen
611:von Mises
606:Heckscher
566:Edgeworth
384:Personnel
344:Knowledge
309:Happiness
299:Financial
269:Education
244:Democracy
138:Political
104:Heterodox
47:Economics
2234:Category
2180:See also
2071:Business
2043:Marginal
2038:Expected
1979:Shortage
1974:Scarcity
1849:Monopoly
1755:Exchange
1667:Implicit
1657:Marginal
1479:Archived
1413:(2003).
1370:See also
1337:′
1181:′
849:journals
835:Glossary
786:Stiglitz
751:Rothbard
731:Buchanan
716:Friedman
706:Koopmans
696:Leontief
676:Robinson
561:Marshall
465:Notable
413:Regional
389:Planning
364:Monetary
294:Feminist
239:Cultural
234:Business
39:a series
37:Part of
2192:Applied
2171:Welfare
2033:Utility
1993:Surplus
1932:Pricing
1844:Duopoly
1837:Perfect
1780:Service
1748:General
1652:Average
969:utility
855:Schools
847: (
806:Piketty
801:Krugman
666:Kuznets
656:Kalecki
631:Polanyi
521:Cournot
516:Bastiat
501:Ricardo
491:Malthus
481:Quesnay
453:Welfare
423:Service
94:Applied
70:Outline
65:History
2017:Supply
2008:Demand
1944:Profit
1812:Market
1674:Social
1505:
1429:
933:, the
791:Thaler
771:Ostrom
766:Becker
761:Sowell
741:Baumol
646:Myrdal
641:Sraffa
636:Frisch
626:Knight
621:Keynes
596:Fisher
591:Veblen
576:Pareto
556:Menger
551:George
546:Jevons
541:Walras
531:Gossen
399:Public
394:Policy
349:Labour
314:Health
171:Market
2136:Labor
2121:Green
1893:Price
1775:Goods
1765:Firms
1460:(PDF)
1453:(PDF)
947:locus
828:Lists
796:Hoppe
781:Lucas
746:Solow
736:Arrow
726:Simon
691:Lange
686:Hicks
661:Röpke
651:Hayek
601:Pigou
571:Clark
486:Smith
448:Urban
428:Socio
418:Rural
118:Macro
114:Micro
75:Index
2050:Wage
1959:Rent
1927:Free
1679:Sunk
1647:Cost
1640:and
1571:2019
1503:ISBN
1427:ISBN
1123:to X
1111:to X
1099:and
1027:and
1009:and
952:The
941:and
812:more
536:Marx
526:Mill
511:List
2141:Law
1194:to
925:In
776:Sen
496:Say
354:Law
2251::
1557:.
1468:^
1425:.
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20:)
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