Depict the relationship between income and consumption in the absolute income hypothesis with the help of a diagram.  ‘According to the relative income hypothesis, the fraction of a family’s income...

Depict the relationship between income and consumption in the absolute income hypothesis with the help of a diagram.

 ‘According to the relative income hypothesis, the fraction of a family’s income that will be allocated to consumption will

depend on its income level relative to the income level of the other families with which it classifi es itself.’ Comment.