Asked by Dick
I have a question about the marginal utility theory
If someone is at consumer equilibrium consuming normal goods, will an increase to income increase total utility
consumption of goods?
An increase in income will increase total utility as well as consumption of normal goods. Consumption of inferior goods would decline.
If someone is at consumer equilibrium consuming normal goods, will an increase to income increase total utility
consumption of goods?
An increase in income will increase total utility as well as consumption of normal goods. Consumption of inferior goods would decline.
Answers
There are no AI answers yet. The ability to request AI answers is coming soon!
There are no human answers yet. A form for humans to post answers is coming very soon!