Demand and supply| ආදේශන ප්රතිවිපාකය ආදායම් ප්රතිවිපාකය | substitution effect and income effect |
Автор: Econ OK - Amila Opatha
Загружено: 2025-03-21
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The substitution effect refers to the change in the quantity demanded of a good or service when its price changes, causing consumers to substitute it with a similar good or service. This effect occurs when a price increase for one good leads consumers to buy more of a less expensive alternative, and vice versa.
The income effect describes how a change in a consumer's real income affects their demand for goods and services. When the price of a good decreases, it effectively increases the consumer’s real income, enabling them to purchase more of that good or other goods. Conversely, when the price of a good rises, the consumer's real income is reduced, leading to a decrease in demand.
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