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What is substitution effect?
Substitution effect can be defined as the change in the pattern of buying goods when the price of the relative substitute goods is changed. This effect is a situation where a consumer decides on which product to buy from the relative goods when the change in the price of them is observed.
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Examples of substitution effect
We have lots of students registered with us. And we help them with best examples of such a concept. With substitution effect homework help, you can enjoy our services too. With the help of following examples, students will understand this concept more clearly:
- Change in the price of clothing and entertainment segment: So consider a situation where you have $100 to spend on a weekend. You have a choice in two relative goods which are: either you spend this money on a movie and popcorn, or you have yourself some nice clothes. So you go the mall and find that the jacket you wanted to buy is $110 and the movie ticket with popcorn will cost $90. What will you choose: of course movie! This is called substitution effect.
- Pepsi versus coca cola: now when you reached movie theatre, you want to buy a soft drink as well. Pepsi will cost you $15, and col will cost $10. Well, one can hardly notice any change in the taste, so you will prefer cola because you will still be left with $10 in your pocket. This is another perfect example of the substitution
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