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Answered

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how does income of the consumer affect supply?​

Sagot :

jacksonsonika94

Answer:

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Explanation:

In the real world, demand and supply depend on more factors than just price. For example, a consumer's demand depends on income, and a producer's supply depends on the cost of producing the product. ... The amount consumers buy falls for two reasons: first because of the higher price and second because of the lower income.Income effect of an increase in the real wage, w. As w increases, working the same number of hours still gives an increase in income so that a worker may decrease the number of hours worked and maintain the previous level of income so labor supply, NS, decreases.
In the real world, demand and supply depend on more factors than just price. For example, a consumer's demand depends on income, and a producer's supply depends on the cost of producing the product.The amount consumers buy falls for two reasons: first because of the higher price and second because of the lower income.


Explanation: hope it helps
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