Gail operates on a tight budget. She buys store or generic brands to save money. Recently, Gail was given a substantial pay raise. Now, she has altered her shopping patterns and regularly buys more expensive, name-brand goods. This is an example of

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11-11-2021
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Gail operates on a tight budget. She buys store or generic brands to save money. Recently, Gail was given a substantial pay raise. Now, she has altered her shopping patterns and regularly buys more expensive, name-brand goods. This is an example of

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Tundexi Tundexi · Answer 1 · 2021-11-24T10:44:11+01:00

When she altered her shopping patterns and buying behavior because of substantial pay raise, it is an example of income effect.

In economics, Income effect explains how their is a change in demand in market caused by of a change in consumer's purchasing power as a result of a change in their real income.

Here, the theory of income effect explains Gall's situation because her increase in pay cut changes her purchasing power, thus, increases her demand for expensive goods.

In conclusion, when she altered her shopping patterns and buying behavior because of substantial pay raise, it is an example of income effect.

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