ECONOMICS
DEMAND
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Question
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Another name of demand curve
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Curve showing both demand & supply curves
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Curve named after Lord Engels
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All
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Detailed explanation-1: -Alternatively, Engel curves can also describe how real expenditure varies with household income. They are named after the German statistician Ernst Engel (1821–1896), who was the first to investigate this relationship between goods expenditure and income systematically in 1857.
Detailed explanation-2: -A graph of quantity demanded for a good as a function of income, ceteris paribus, is called an Engel curve. The income consumption curve (ICC) shows the effect of the increase in income in the canonical indifference-curves-and-budget-constraint graph.
Detailed explanation-3: -Engel Curves are the locus of all points representing the quantities demanded of the goods at various levels of income, when prices and preferences are held constant (Fig. 4.11 for normal goods and Fig. 4.12 for inferior goods). Figure 4.11.
Detailed explanation-4: -18. An Engel Curve shows the relationship between consumption of a good and income.
Detailed explanation-5: -Indifference Curve Was this answer helpful?