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What are the differences between the Income Consumption Curve and the Engel's Curve?
Wiki User
∙ 12y ago
Both curves plot the relationship between X, in this case a good, and something when income varies. However there's different variables on the vertical axis.
The ICC has a composite good on the vertical axis while the Engel curve has income on the vertical axis.
Wiki User
∙ 12y ago
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What is the difference between consumption and income?
the difference between income and consumption
What is engels law of consumption?
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Two differences between savings and investments?
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Explain the link between income consumption curve and Engel curve?
Its the same I think :)
Income consumption curve?
income consumption curve is the collection of points of the consumer's equilibrium resulting from varying income.....
If a good is a normal good what will happen to its consumption as income increases?
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Consumption and income are typically directly related, meaning that as income increases, consumption tends to increase as well. This relationship is known as the marginal propensity to consume, which looks at how changes in income impact changes in consumption.
What has the author Alissa Goodman written?
Alissa Goodman has written: 'Permanent differences?' -- subject(s): Consumers, Consumption (Economics), Income distribution, Political aspects, Political aspects of Consumption (Economics), Statistics, Wage differentials 'Inequality in the UK' -- subject(s): Income distribution, Statistics
What is Market Consumption Capacity?
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