For most of her life, Natalie has operated on a pretty tight budget. She was a price-conscious shopper and usually bought store or generic brands to save money. Recently, however, Natalie was given a pretty substantial raise. Since then she has altered her shopping patterns and now regularly buys more expensive, name-brand goods. This is an example of

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13-07-2022
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For most of her life, Natalie has operated on a pretty tight budget. She was a price-conscious shopper and usually bought store or generic brands to save money. Recently, however, Natalie was given a pretty substantial raise. Since then she has altered her shopping patterns and now regularly buys more expensive, name-brand goods. This is an example of

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tutorconsortium31 tutorconsortium31 · Answer 1 · 2022-07-27T07:28:26+02:00

This is an example of Income Effect

The income effect means that the change in demand for a good or service which is caused by the change in a consumer's purchasing power resulting from the change in real income.

What is Income Effect ?

The income effect in microeconomics is the change in demand for a good or service caused by a change in a consumer's purchasing power resulting from a change in real income.

The income effect can be both direct (when it is directly related to a change in income) or indirect (when consumers must make buying decisions not directly related to their incomes).

This means consumers will generally spend more if they experience an increase in income. They may spend less if their income drops.

Learn more about Income Effect here:

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