1.

Explain, with the help of diagrams, the effect of the following changes on the demand of a commodity: (i) An unfavourable change in taste of the buyer for the commodity. (ii) A fall in the income of its buyer, if the commodity is inferior.

Answer»

Explain, with the help of diagrams, the effect of the following changes on the demand of a commodity:

(i) An unfavourable change in taste of the buyer for the commodity.

(ii) A fall in the income of its buyer, if the commodity is inferior.



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