What is an Income consumption curve? Draw the Income consumption curve for an inferior good.

Introduction In consumer theory, the Income Consumption Curve (ICC) is an important tool that shows how a consumer’s demand for goods changes as their income changes, keeping prices constant. It helps us understand the relationship between income and consumption patterns. For different types of goods—normal or inferior—the ICC behaves differently. In this answer, we’ll define […]

What is an Income consumption curve? Draw the Income consumption curve for an inferior good. Read More »