What's it: Conspicuous consumption refers to consumption expenditure not to maximize basic utility but to give others an impression. Long story
Price Effect
Substitution Effect: Meaning, Impacts, Types of Goods
The substitution effect is a change in consumption patterns due to changes in the relative prices of goods and services. Consumers replace more
Income Effect: Meaning, Implications
The income effect measures the impact of changes in purchasing power on demand. It can be positive or negative. We measure the purchasing power of