1. The income–consumption curve in Figure 4.12 is drawn as positively sloped at low levels of income. Why?\n2. Show the effect of a rise in income on t
1. The income–consumption curve in Figure 4.12 is drawn as positively sloped at low levels of income. Why?
\r\n2. Show the effect of a rise in income on the demand for X and Y where this time Y is the inferior good and X is the normal good. Is the income–consumption curve positively or negatively sloped?