Understand the Consumption Pattern Due to Income Changes Under Professional Help
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But first, let’s discuss about the topic:
What are income changes?
Income changes can be defined as the changes in the figure of the income that an individual earns over a period of time. Due to income changes, there are several other factors which are affected by the same. The major effect of the same can be noticed the elasticity of the demand of the consumer.
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How is the demand curve affected?
The demand curve includes the following major factors:
- Law of demand
- Price of products
- Change in expected prices in future
- Changes in incomes, population or preference
When the mentioned factors are affected by an economy of the country, the demand for the products and services are also affected by the same. As a student t of economics, you must understand that these factors must be explained in detail in your assignment. If you need help with the same, you must register for our services with income changes homework help, and that’s it! The quality will be delivered to you under exceptional excellence.
Consider an example: if you are working as business development executive for a company for 3 years, and now, you are promoted to business development manager with a salary hike of 50%. So if you were earning $4000 in a month, your salary s increased to $6000 a month. So when your income changed, you will start buying other things that you were not buying before. In this way, the elasticity of demand of such consumers will rise.
On the other hand, if you are demoted from a position to 50% fall on salary, the elasticity of demand will decrease of that particular consumer. In this way, when income changes, the demand of the consumer also changes. One can represent the same with graphical representation as well which will really innovate your assignment. If you wish to add the same, register for income changes assignment help, and you will enjoy excellent quality of your assignment.
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