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Homework answers / question archive / Answer: "Y" for Yes or "N" for No When income increases: How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown The HH Budget constraint HH Consumption Output demand shifts Economic (consumer) Welfare

Answer: "Y" for Yes or "N" for No When income increases: How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown The HH Budget constraint HH Consumption Output demand shifts Economic (consumer) Welfare

Economics

Answer: "Y" for Yes or "N" for No When income increases: How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown The HH Budget constraint HH Consumption Output demand shifts Economic (consumer) Welfare

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The HH Budget constraint-> Household budget shifts right (increases) as more household goods can be bought.

HH Consumption-> Household consumption (increases) since consumption is positively related to income, so when income increases, consumption increases.

Output demand-> Output demand shift right (increases) as more goods are demanded at each price.

Economic (consumer) Welfare-> Economic welfare (increases) as consumer can consume more goods than before.