Microeonomics: Income Elasticity Of Demand

 

Note: As wages go up, Quantity demanded of products and services (not labor) goes up and the curve shifts to the right. Also, as wages go up supply curve shifts to the right (as shown) because quantity supplied of labor goes up...
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Relevant Background: "Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses.." (Shapiro et al., 2022)


References: 

Shapiro, D., Macdonald, D., & Greenlaw, S. A. (2022). Principles of Microeconomics 3e (3rd ed.). Open Stax. https://openstax.org/details/books/principles-microeconomics-3e

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