i don't know what is the answer..i just referring it to you,.
must be producing along the production possibilities curve.
income consumption curve is the collection of points of the consumer's equilibrium resulting from varying income.....
production possibilities curve convex to the origin. Elson Mendoza was here.
it really good
price consumption curve :this indicates the income of the consumer being given,how the demand of a good will be effected with change in its price.it means that both price consumption curve and demand curve indicate different quantities of a good demanded by the consumer at different prices.
must be producing along the production possibilities curve.
income consumption curve is the collection of points of the consumer's equilibrium resulting from varying income.....
production possibilities curve convex to the origin. Elson Mendoza was here.
it really good
no
price consumption curve :this indicates the income of the consumer being given,how the demand of a good will be effected with change in its price.it means that both price consumption curve and demand curve indicate different quantities of a good demanded by the consumer at different prices.
The price-consumption curve explains how changes in the cost of a good, relative to another good, also effects an individuals consumption choices. The individual demand curve takes a single good and explains the relationship between the cost of that good, and the quantity demanded. Therefore shifts in the indifference curves (PCC) based on consumption possibilities, should correlate to the shifts in the demand curves. The easiest way to look at it, is that that your horizontal axis points on both your budget line, and your individual demand curve, should be the same. Your Vertical axises will differ because they are measuring different costs, ie, monetary cost (Demand Curve) and oppurtunity cost (budget line/constraint).
yes
the main difference in these is this that when price of any of commodity (x,y) decrees but the budget remain same it will show price consumption curve and when income increase and the price of commodities (x,y) remain same it will show the Income consumption curve.
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
Its the same I think :)
May life throw you a pleasant curve definition?