Explain the effect of rise in income of a consumer on his demand for a commodity 6 marks ans

Explain the effect of rise in income of a consumer on his demand for a

1.	Explain the effect of rise in income of a consumer on his demand for a commodity 6 marks ans
Answer» NORMAL GOODS - when the income of the consumer will increse the the demand of normal good will also increse.FOR EXAMPLE - IF THE INCOME OF THE CONSUMER WILL INCRESE THEN HE WILL BE ABLE TO SHIFT FROM BLACK AND WHITE TV TO COLOURFUL TV SET, SO , COLOURFUL TV SET IS NORMAL GOOD .INFERIOR GOODS - when the income of the consumer increses then the goods whose demand decreses is known as inferior goods .FOR EXAMPLE - IF THE INCOME OF THE CONSUMER WILL INCRESE THEN THE HE WILL BE ABLE TO SHIFT IN COLOURFUL TV FROM BLACK AND WHITE TV SET , SO, BLACK AND WHITE TV SET IS SAID TO BE INFERIOR GOOD .