ABSTRACT
The subjective prices of the individual are approximately proportional to the amount of his income. Simultaneously with a fall in the income of a buyer, a consequent reduction of his prices of demand must take place; these prices would all be reduced by the same percentage if the marginal utility of his income remained unchanged. This fact is not directly apparent, and seems to be contradicted by experience. Supposing the schedule of demand for a neccssary and a luxury to be respectively N and L : https://www.niso.org/standards/z39-96/ns/oasis-exchange/table">
N
L
6th unit
…
…
240
133
_____
…
…
—
—
… . .
…
…
—
—
11th unit
…
…
133
108
12th "
…
…
100
100
