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slutsky equation

Slutsky Equation (Theorem)

by Economics Live

A change in the price and income alters the consumer’s expenditure pattern. So to know the consumer’s expenditure pattern due to changes in price and income, all the variables should be varied simultaneously. Let, Utility function be Subject to Or Here we can form a new function with the help … read more

Categories Micro Economics Tags income effect, Microeconomics, slustsky theorem, slutsky equation, substitution effect Leave a comment
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