Tag Archives | Income Consumption Curve and Engel Curve

Income consumption curve is the locus, in indifference curve map, of the equilibrium quantities consumed by an individual at different levels of his income. Thus, the income consumption curve (ICC) can be used to derive the relationship between the level of consumer's income and the quantity purchased of a commodity by him. A nineteenth century German statistician Ernet Engel (1821-1896) [...]