provide logical arguments to support or refuse the claim that economic theory encompasses the inter-dependence of price theory and income theory. pls make it broad.Support the claim that economic theory encompasses the inter-dependence of price theory and income theory?It sounds like the question has as a general aim that of calling for the supply and demand nature of economics.
Thus if price theory give one characteristic (demand) curve on a graph of price verses quantity, and income give a second (supply) curve for what people are willing to pay, then it can be said that the resulting cross-over point is a economic theoretical result of the two previous theories for price and income.
This answer is not very satisfactory, but the question is so vauge that it is about all I can come up with!
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