INCOME CONSUMPTION CURVE | MICROECONOMICS | LEARN OIKONOMIA

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India Learn Oikonomia
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Published on ● Video Link: https://www.youtube.com/watch?v=SkIuLAGxB6s


Duration: 16:20
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This video explains the concept of the income consumption curve, which is a graph that shows the optimal consumption of two goods at different levels of income. The video discusses how the curve is created by plotting the quantities of two goods on the two axes and tracing out the set of optimal points as income increases. The video also explains how the income consumption curve is related to the budget constraint and indifference curves, and how it can be used to analyze consumer behavior. Additionally, the video covers the difference between normal goods and inferior goods and how they affect the shape of the income consumption curve.
#Incomeconsumptioncurve #consumerbehavior #Budgetconstraint #indifferencecurve #economics #Optimalconsumption #learnoikonomia #microeconomics

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Tags:
Microeconomics
Consumer theory
Utility maximization
Marginal utility
Price changes
Income changes
Consumer surplus
Elasticity
Substitution effect
MIT OpenCourseWare
Income consumption curve
Consumer behavior
Normal goods
Inferior goods
Budget constraint
Indifference curves
Optimal consumption
Economics