0
income expansion curve The ICC is a line that is formed when many indifference curves are seen and their attainable points are plotted. The line that is formed by connecting these points is the ICC. The expansion path is the same concept, but for isoquants. Isoqants being the two inputs that are needed in production. indifference curves are from consumer theory that a person has to choose between two goods.
What else can I help you with?
Differentiate between price consumption and income consumption curve?
the main difference in these is this that when price of any of commodity (x,y) decrees but the budget remain same it will show price consumption curve and when income increase and the price of commodities (x,y) remain same it will show the Income consumption curve.
What is the difference between disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
What is the difference between personal income and disposable income?
a
Income not used for consumption is considered as what?
The income that is not used for consumption is called disposable income
What is the difference between the substitution effect and the income effect in economics?
The substitution effect in economics refers to the change in consumption patterns due to a change in relative prices, where consumers switch to a cheaper alternative when the price of a good increases. The income effect, on the other hand, relates to the change in consumption patterns resulting from a change in purchasing power, where consumers buy more of a good when their income increases.
What is the difference between consumption and income?
the difference between income and consumption
What is the difference between consumption consumption function?
consumption is that money who you consume on any thing and the consumption function is that relation who tell you the consuming level on your every money income level.
Differentiate between price consumption and income consumption curve?
the main difference in these is this that when price of any of commodity (x,y) decrees but the budget remain same it will show price consumption curve and when income increase and the price of commodities (x,y) remain same it will show the Income consumption curve.
What is the difference between disposable income and discretionary income?
Formulas are: Disposable income = consumption expenditure + savings - support of others; Discretionary income = Gross income - taxes - necessities. Although denotatively wrong, disposable income is commonly used to denote discretionary income.
What is the difference between income and earnings?
there is no difference.
What is the difference between personal income and disposable income?
a
Consumption and savings schedule reveals that?
The consumption and savings schedule illustrates the relationship between income, consumption, and savings in an economy. It shows how households allocate their income between consumption and savings, typically indicating that as income increases, consumption rises but savings also increase. This schedule helps economists understand consumer behavior and predict economic trends, highlighting the trade-off between current consumption and future savings. Overall, it serves as a vital tool for analyzing the impact of income changes on economic stability and growth.
Difference between gross income and net income?
JLJLHLHLHIIH
Difference between income tax act and income tax rule?
The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
Income not used for consumption is considered as what?
The income that is not used for consumption is called disposable income
Difference between net income and gross income?
Gross income is the difference between revenue and direct expenses while net income is the income from all activities of business whether oprating activities or other activities.
What is the difference between income and profit?
cost
