For which of the following would the income effect of a price change be greatest?

Question

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The income effect is the change in consumer's purchasing power resulting from a change in price. For air travel to Australia, the price change will have a significant effect on consumers' purchasing power, as it is a high-priced item. This means that a change in price will result in a significant change in the quantity purchased. In contrast, for lower-priced items like ballpoint pens, chewing gum, and haircuts, a price change will have a smaller impact on consumers' purchasing power, resulting in a smaller income effect. College textbooks could be argued to have a high income effect, but it depends on the individual's income and their perception of the necessity of the product.

For Which of the Following Would the Income Effect of a Price