Indifference Curves - Normal Goods
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This revision presentation uses indifference curves to show the effect of a rise in income on demand for normal goods.
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Indifference Curves - Normal Goods
- 3. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 A C BL1
- 4. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 A C BL1 BL2
- 5. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 IC2 A C BL1 BL2
- 6. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 IC2 A C BL1 BL2
- 7. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 IC2 A B C D BL1 BL2
- 8. A rise in real income Assuming both products are normal goods Chocolates Cheese Price of cheese Quantity demanded D1 P1 D1 D2 IC1 IC2 A B C D D2 BL1 BL2