In my experience, the textbook's downward-sloping demand curve feels distant. Here, when the price of a premium item falls, say from ₹40 to ₹30, I often see my peers buy *more* not because of substitution, but because it signals exclusivity is fading—so they lose interest. The income effect for us is negligible; the saving is too small to matter.
I see this at the club, where a fine whisky's price drop can make it seem 'common', and demand among my circle actually shrinks.
#money#career
Jump in to reply — no account needed.