Briefly explain how each of the following would affect consumption

Briefly explain how each of the following would affect consumption

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Briefly explain how each of the following would affect consumption: Income Consider what happens about consumption  when income rises for a consumer at a period.  According to the illustration of “income- consumption curve ” it’s clearly to see that the  quality of the consumption become higher.  Contrary, the decrease of your income also  reduces your consumption.  Wealth Wealth means the state of being rich and  affluent; having a plentiful supply of material  goods and money; Therefore if someone who is  wealth, and the consumption for him is randomly,  because he can buy and anything he wants.  Usually, people who is wealth like to spend a lot  on consumption. Age People in different ages have different view of  values. Generally speaking, young people spend  much more consumption than mature people and  old people. Because young people always  pursuit of fashion, and they prefer luxury than 
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This note was uploaded on 01/11/2012 for the course ECONOMICS 1010 taught by Professor Aandan during the Spring '10 term at York University.

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Briefly explain how each of the following would affect consumption

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