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What is an Engels curve?
- a)Another name of demand curve
- b)Curve showing both demand & supply curves
- c)Curve named after Lord Engels
- d)All
Correct answer is option 'C'. Can you explain this answer?
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What is an Engels curve?a)Another name of demand curveb)Curve showing ...
The Engel curve, named after the German statistician Ernst Engel (1821-96), is a relation between the demand for a good and the income of its buyers, the former depending on the latter.
The Engel curve of an individual consumer can be obtained from his ICC.
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What is an Engels curve?a)Another name of demand curveb)Curve showing ...
And income relationshipc)Curve showing only income relationshipd)Curve showing production and income relationship
c) Curve showing only income relationship.
An Engel curve shows the relationship between income and the quantity of a good or service that consumers purchase. It is a graphical representation of how consumer demand for a particular good or service changes as income increases or decreases. The Engel curve is plotted with income on the X-axis and the quantity of the good or service on the Y-axis. As income increases, the quantity of the good or service demanded also increases, but at a decreasing rate.
c) Curve showing only income relationship.
An Engel curve shows the relationship between income and the quantity of a good or service that consumers purchase. It is a graphical representation of how consumer demand for a particular good or service changes as income increases or decreases. The Engel curve is plotted with income on the X-axis and the quantity of the good or service on the Y-axis. As income increases, the quantity of the good or service demanded also increases, but at a decreasing rate.
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What is an Engels curve?a)Another name of demand curveb)Curve showing ...
Engle curve was given by Ernst Engle. For measuring of Income Effect. In case of Inferior Goods I.E.= -VE In case of Necessity I.E. = 0 In case of Normal Goods I.E. = +VE
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What is an Engels curve?a)Another name of demand curveb)Curve showing both demand & supply curvesc)Curve named after Lord Engelsd)AllCorrect answer is option 'C'. Can you explain this answer?
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