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Introduction to Economics 1
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi The Theory of Consumer Choice soru cevapları
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi The Theory of Consumer Choice soru detayı:
SORU:
Explain the engel curves briefly.
CEVAP:
Engel curves, named after 19th Century German statistician Ernst Engel, illustrate the relationship between consumer demand and household income. Engel curves for normal goods slope upwards – the flatter the slope the more luxurious the good, and the greater the income elasticity. In contrast, Engel curves for inferior goods have a negative slope.