Mathematically Solving for the Income and Substitution Effect of a Price Change
This video uses a numerical example, involving consumer utility maximization, to find the income and substitution effect of a price change. A graph and table are provided to help in understanding the mathematical details.
At approximately 7:41 in the video, I misspoke: I meant to say that with a normal good, you will buy less of it as income decreases.
Видео Mathematically Solving for the Income and Substitution Effect of a Price Change канала Economics in Many Lessons
At approximately 7:41 in the video, I misspoke: I meant to say that with a normal good, you will buy less of it as income decreases.
Видео Mathematically Solving for the Income and Substitution Effect of a Price Change канала Economics in Many Lessons
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21 сентября 2018 г. 22:53:08
00:10:02
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(M4E6) [Microeconomics] Finding Income and Substitution Effects: Hicks Decomposition Method