Define consumption function
Consumption function: The relationship among income and consumption is termed as consumption function.
The demand curve along with price elasticity which definitely varies along the curve is within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Q : Production possibility frontier By By using the production possibility frontier, revel that if a society decides to produce more capital goods associated to consumption goods in year 1, then in year 2 there will be more consumption goods.
By using the production possibility frontier, revel that if a society decides to produce more capital goods associated to consumption goods in year 1, then in year 2 there will be more consumption goods.
If demand for good falls due to increase in its own price. Then what is the change in demand termed? Answer: Contraction of demand
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