As incomes increase, do people spend a greater, a smaller, or the same proportion of their...
As incomes increase, do people spend a greater, a smaller, or the same proportion of their income on food?
Homework Answers
People will spend smaller proportion of their income. Food is necessary item so its Marginal Propensity to consume is less.
If income increases we can not consume more food, we can not increase consumption of food in proportion of increase in income because we have limit of eating.
So spending on food will be smaller in proportion of increased income.
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