Mathematically Solving for the Income and Substitution Effect of a Price Change

Описание к видео 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.

A different example is here:    • Mathematically Solving for the Income...  

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