Engel curve: Difference between revisions

Revision as of 19:59, 4 September 2013

The Engel curve for a good, service, or commodity is defined with the following backdrop:

The specific good, service, or commodity.
A unit for measuring the quantity of that commodity.
An economic actor (individual or household).
A time frame within which demand and income are measured.
An economic backdrop that includes the unit price of the commodity and all other determinants of demand except the income of the economic actor.

The Engel curve is a curve drawn as follows:

The vertical axis is the income axis, measuring the income of the economic actor within the time frame.
The horizontal axis is the total expenditure of the economic actor within the time frame for the given income.

Revision as of 00:24, 12 September 2010 (view source) Vipul (talk \| contribs) (Created page with "{{income-quantity curve}} ==Definition== The '''Engel curve''' for a good, service, or commodity is defined with the following backdrop: * The specific good, service, or commo...")		Revision as of 19:59, 4 September 2013 (view source) Vipul (talk \| contribs) No edit summary Newer edit →
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	* The vertical axis is the ''income'' axis, measuring the income of the economic actor within the time frame.		* The vertical axis is the ''income'' axis, measuring the income of the economic actor within the time frame.
	* The horizontal axis is the ~~quantity demanded by~~ the economic actor within the time frame for the given income.		* The horizontal axis is the total expenditure of the economic actor within the time frame for the given income.