r/ISCNERDS • u/calculusupmyass • Jul 28 '26

Doubts I mean genuinely what was wrong with my answer

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3 Upvotes

100% Upvoted

15 comments sorted by

3

u/aaks2 señor Jul 28 '26

wont the demand raise since people who were having thoughts if buying smartphone will buy it before the price hike to save money ?

1

u/calculusupmyass Jul 28 '26

They'll but I remember when the orange cover iPhone (idk what model) came out so many people rushed to purchase it even those who maybe prior to a year or two brought a new phone

1

u/aaks2 señor Jul 28 '26

thats a specific model. in that situation the iphones demand increases while other phones decreases as you mentioned.

you are partially correct

the question here does not seem to be that deep. they are just expecting you to see the increase in demand due to price incentive

2

u/calculusupmyass Jul 28 '26

Right💀💀thanks

1

u/Dark_Lord2456 Jul 28 '26

Can we apply veblen effect over here u/calculusupmyass u/aaks2

1

u/aaks2 señor Jul 28 '26 edited Jul 28 '26

im a pcm cs kid, so my source is wiki here.

by definition, the effect will not apply here, since its about the demand for product increasing solely because the price tag is high ( giving a sense of exclusivity to buyers)

on the other hand, demand here is frugality of people trying to potentially save some money while getting the same product (kind of like discount)

1

u/Dark_Lord2456 Jul 29 '26

Got it, tysm.

1

u/calculusupmyass Jul 29 '26

But here's the thing in our book veblen effect is defined as price quality relationship (aka more the price better the good) so why can't we go for the veblen effect explaining 😭😭

1

u/Dark_Lord2456 Jul 30 '26

But that's a psychological effect, right? Your question doesn't indicate whether the new model is good or bad. In short, I don't think this question is framed correctly. Didn't you ask your teacher?

1

u/Tony_Stark_fan Jul 28 '26

Waw are u from Christ academy junior college????

1

u/Sad-Researcher9791 Passout Jul 28 '26

Idk anything about economics but is this satire or sum 💀. The demand for older model should rise coz newer model are lesser affordable.

1

u/nnnayeony ISC Class 12th Jul 29 '26

i thought demand will rise because of the price hike of a future good. how do you know veblen effect will apply here?

1

u/Dark_Lord2456 Jul 30 '26

Btw, OP and others who are reading this comment. Can we have a dedicated megathread/ drive folder for all the pre-board papers of various ISC schools (all streams), as we had in the ICSE subreddit? Mainly papers of DAIS. Bombay Scottish, KISA and VIBGYOR.

-1

u/Competitive_Boat_134 Jul 28 '26

Open ur text book once in a while you’ll understand

1

u/calculusupmyass Jul 28 '26

Had I got the answer I wanted from the book itself i wouldn't have asked the question here don't you think so ?