Derivation of Slutsky Equation Part 2: Substitution & Price effect; Elasticity & Cross price Form

Описание к видео Derivation of Slutsky Equation Part 2: Substitution & Price effect; Elasticity & Cross price Form

Here we derive next the form for substitution effect & price effect and with reference to the expression derived earlier, we complete the derivation of Slutsky Equation. Note that the income effect is the expression multiplied by x*.

Then we look at the variants of Slutsky Equation: the Cross-price Slutsky & Own-price Slutsky in elasticity form.

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