ECON 103 Show the effect of a rise in income on the demand for X and Y

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ECON 103 Show the effect of a rise in income on the demand for X and Y ( LATEST UPDATE )

ECON 103 Show the effect of a rise in income on the demand for X and Y ( LATEST UPDATE )
Exam (elaborations) • 15 pages • 2021

ECON 103 Show the effect of a rise in income on the demand for X and Y. Show the effect of a rise in income on the demand for X and Y where this time Y is the inferior good and X is the normal good. Is the income–consumption curve positively or negatively sloped? Answer The curve will slope upwards at first, but become less and less steep. It will then peak at the point where Y becomes an inferior good, and will thereafter slope downwards (i.e. have a negative slope). Illustr...