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Consumer Choice and Utility
Theory of Consumer Choice
Economics Textbooks Boundless Economics Consumer Choice and Utility Theory of Consumer Choice
Economics Textbooks Boundless Economics Consumer Choice and Utility
Economics Textbooks Boundless Economics
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Economics
Concept Version 7
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Impact of Income on Consumer Choices

Income-Consumption Curve

Income-Consumption Curve

Simply put, increases or decreases in income will alter the optimal quantity (and thus relative utility) of a given basket of goods for a specific consumer.

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    http://upload.wikimedia.org/wikipedia/commons/d/d7/Income_consumption_curve_graph.svg CC BY-SA.

Related Terms

  • Inferior goods
  • Income Effect
  • Wealth Effect
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