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Elaborate and explain income effect in case of inferior goods.
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- Give 5 examples each of inferior goods and normal goodsElaborate substitution effect and income effect in case of inferior goods.How does a consumer decide what combination of products to buy using the marginal utility concept? Explain. Please don,t copy from anywhere. Please answer step by step. if posssible use graph.
- What does a negative marginal utility means? Why does it happen?Elaborate substitution effect in case of inferior goods.impacts of marginal utility. Imagine that you are a seller of phones: How can you increase the consumer demand curve by helping increase the marginal utility for consumers? Detail specific steps to take and provide examples.