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lorasvet [3.4K]
2 years ago
15

In the past, Madeleine's vacation time has been spent at home catching a few local attractions when she could afford them. This

year, she received a big bonus at work and has decided to finally take the trip to Europe that she has always dreamed about. Madeleine's purchasing behavior has changed due to:
Social Studies
2 answers:
Aleks [24]2 years ago
8 0

Answer:

The income effect

Explanation:

The income effect 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. This change can be the result of a rise in wages etc., or because existing income is freed up by a decrease or increase in the price of a good that money is being spent on.

In this case, Madeleine's purchasing behavior changed due to increase in her income,which led to her change in  demand from catching local attractions to taking a trip to Europe.

This explains the concept of the income effect.

vaieri [72.5K]2 years ago
7 0

Answer:

The income effect

Explanation:

The income effect is the effect on real income when price changes and it can be positive or negative. for instance when price falls, and assuming nominal income is constant, the same nominal income can buy more of the good hence demand for this and other goods is likely to rise.

Madeleine's vacation time has been spent at home catching a few local attractions when she could afford them. This year, she received a big bonus at work and has decided to finally take the trip to Europe that she has always dreamed about. Madeleine's purchasing behavior has changed due to the income effect.

This explains the concept of income effect.

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           One example of a literary device in the poem is "serpents torpidly astir". This is an oxymoron because torpidly and astir contradict each other. This quote also adds imagery to the poem, by describing how the snakes move. Another example is "great gelid", which is an alliteration. The tone of the poem starts out calm, as it describes Medusa sleeping, then turns angrier after Perseus cuts Medusa's head off.

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