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Chapter 8 . Slutsky Equation. How the optimum moves when the price of a good changes?. Decomposition : the total effect = the substitution effect + the income effect . p139 . The pivot gives the substitution effect , the shift gives

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chapter 8

Chapter 8

Slutsky Equation

slide3
Decomposition:
  • the total effect =

the substitution effect

+ the income effect.

  • p139
slide4
The pivot gives

the substitution effect,

  • the shift gives

the income effect.

  • P103andp137