Question

how changes in prices affect the family budget?​

Answer 1

A decrease in price has a substitution effect and an income effect. ... The income effect says that after the price decline, the consumer could purchase the same goods as before, and still have money left over to purchase more. For both reasons, a decrease in price causes an increase in quantity demanded.

Answer 2

Change in prices affect family budget in our Indian constitution .everyone is not same for their money purpose some are rich some are poorand some are medium rate .those who are rich ,they are open by branded products costly and branded products. but who are poor they cannot afford even small products like non packedand unbranded products due to GST. the government has increased the money level of each objects therefore the poor people are having much problems in applying the rules . the people who are very poor they cannot effort single single product. another hand those who are rich they can afford the products like branded goods and packed products with stamps and all this causes inequality between the poor and rich people

according to me changes in prices affect the family budget.

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