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Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
If a good is inferior, a rise in income would result in a [...] shift in the entire demand curve.
Answer
downward and leftward

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
If a good is inferior, a rise in income would result in a [...] shift in the entire demand curve.
Answer
?

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
If a good is inferior, a rise in income would result in a [...] shift in the entire demand curve.
Answer
downward and leftward
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If a good is inferior, a rise in income would result in a downward and leftward shift in the entire demand curve.

Original toplevel document

4.3. Income Elasticity of Demand: Normal and Inferior Goods
all other things constant” when we plotted the relationship between price and quantity demanded. One of the variables we held constant was consumer income. If income were to change, obviously the whole curve would shift one way or the other. <span>For normal goods, a rise in income would shift the entire demand curve upward and to the right, resulting in an increase in demand. If the good were inferior, however, a rise in income would result in a downward and leftward shift in the entire demand curve. <span><body><html>

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