Asked by Kevin Simpson on May 28, 2024
Verified
An individual demand curve can be derived from the ________ curve.
A) price-consumption
B) price-income
C) income-substitution
D) income-consumption
E) Engel
Individual Demand Curve
Curve relating the quantity of a good that a single consumer will buy to its price.
Price-Consumption
Illustrates how a consumer's optimal consumption bundle changes in response to changes in the price of a good, holding all else constant.
- Examine and elucidate the formation of demand curves and their derivation process.
Verified Answer
KT
Khuat Thi Kim Anh - K13 FUG CTJun 01, 2024
Final Answer :
A
Explanation :
The individual demand curve can be derived from the price-consumption curve, which shows how an individual's consumption varies with changes in the price of a good, holding the prices of all other goods and the individual's income constant.
Learning Objectives
- Examine and elucidate the formation of demand curves and their derivation process.