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Slutsky equation

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2539: 5030: 5596: 1953: 4520: 5102: 2534:{\displaystyle S(\mathbf {p} ,w)=\left({\begin{array}{ccc}{\frac {\partial x_{1}(\mathbf {p} ,w)}{\partial p_{1}}}+x_{1}(\mathbf {p} ,w){\frac {\partial x_{1}(\mathbf {p} ,w)}{\partial w}}&\cdots &{\frac {\partial x_{1}(\mathbf {p} ,w)}{\partial p_{n}}}+x_{n}(\mathbf {p} ,w){\frac {\partial x_{1}(\mathbf {p} ,w)}{\partial w}}\\\vdots &\ddots &\vdots \\{\frac {\partial x_{n}(\mathbf {p} ,w)}{\partial p_{1}}}+x_{1}(\mathbf {p} ,w){\frac {\partial x_{n}(\mathbf {p} ,w)}{\partial w}}&\cdots &{\frac {\partial x_{n}(\mathbf {p} ,w)}{\partial p_{n}}}+x_{n}(\mathbf {p} ,w){\frac {\partial x_{n}(\mathbf {p} ,w)}{\partial w}}\end{array}}\right)} 5025:{\displaystyle {\begin{bmatrix}{\frac {\partial x_{1}}{\partial p_{1}}}&{\frac {\partial x_{1}}{\partial p_{2}}}\\{\frac {\partial x_{2}}{\partial p_{1}}}&{\frac {\partial x_{2}}{\partial p_{2}}}\\\end{bmatrix}}={\begin{bmatrix}{\frac {\partial h_{1}}{\partial p_{1}}}&{\frac {\partial h_{1}}{\partial p_{2}}}\\{\frac {\partial h_{2}}{\partial p_{1}}}&{\frac {\partial h_{2}}{\partial p_{2}}}\\\end{bmatrix}}-{\begin{bmatrix}{\frac {\partial x_{1}}{\partial w}}x_{1}&{\frac {\partial x_{1}}{\partial w}}x_{2}\\{\frac {\partial x_{2}}{\partial w}}x_{1}&{\frac {\partial x_{2}}{\partial w}}x_{2}\\\end{bmatrix}}} 5591:{\displaystyle {\begin{bmatrix}\Delta x_{1}\\\Delta x_{2}\end{bmatrix}}\approx {\begin{bmatrix}{\frac {\partial h_{1}}{\partial p_{1}}}&{\frac {\partial h_{1}}{\partial p_{2}}}\\{\frac {\partial h_{2}}{\partial p_{1}}}&{\frac {\partial h_{2}}{\partial p_{2}}}\\\end{bmatrix}}\cdot {\begin{bmatrix}\Delta p_{1}\\\Delta p_{2}\end{bmatrix}}-{\begin{bmatrix}{\frac {\partial x_{1}}{\partial w}}x_{1}&{\frac {\partial x_{1}}{\partial w}}x_{2}\\{\frac {\partial x_{2}}{\partial w}}x_{1}&{\frac {\partial x_{2}}{\partial w}}x_{2}\\\end{bmatrix}}\cdot {\begin{bmatrix}\Delta p_{1}\\\Delta p_{2}\end{bmatrix}}} 1286: 5839: 3148: 1024: 4389: 307: 3345: 5607: 2910: 4018: 1938: 769:
For example, consumers who are running low of money for food purchase instant noodles, however, the product is not generally held as something people would normally consume on a daily basis. This is due to the constrains in terms of money; as wealth increases, consumption decreases. In this case, the
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can be negative for consumers as it can limit choices. He designed this formula to explore a consumer's response as the price changes. When the price increases, the budget set moves inward, which also causes the quantity demanded to decrease. In contrast, when the price decreases, the budget set
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The first term on the right-hand side represents the substitution effect, and the second term represents the income effect. Note that since utility is not observable, the substitution effect is not directly observable, but it can be calculated by reference to the other two terms in the Slutsky
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is a product that is in greater demand when the price increases, which are also special cases of inferior goods. In the extreme case of income inferiority, the size of income effect overpowers the size of the substitution effect, leading to a positive overall change in demand responding to an
1281:{\displaystyle {\frac {\partial h_{i}(\mathbf {p} ,u)}{\partial p_{j}}}={\frac {\partial x_{i}(\mathbf {p} ,e(\mathbf {p} ,u))}{\partial p_{j}}}+{\frac {\partial x_{i}(\mathbf {p} ,e(\mathbf {p} ,u))}{\partial e(\mathbf {p} ,u)}}\cdot {\frac {\partial e(\mathbf {p} ,u)}{\partial p_{j}}}} 4178: 112: 3159: 765:
Generally, not all goods are "normal". While in an economic sense, some are inferior. However, that does not equate quality-wise that they are poor rather that it sets a negative income profile - as income increases, consumers consumption of the good decreases.
5834:{\displaystyle \Delta x_{1}\approx \left({\frac {\partial h_{1}}{\partial p_{1}}}\Delta p_{1}+{\frac {\partial h_{1}}{\partial p_{2}}}\Delta p_{2}\right)-\left({\frac {\partial x_{1}}{\partial w}}\right)\left(x_{1}\Delta p_{1}+x_{2}\Delta p_{2}\right)} 1512: 3143:{\displaystyle {\frac {\partial h_{1}}{\partial p_{1}}}={\frac {\partial x_{1}}{\partial p_{1}}}+{\frac {\partial x_{1}}{\partial w_{1}}}x_{1}=-{\frac {.7w}{p_{1}^{2}}}+{\frac {.7}{p_{1}}}{\frac {.7w}{p_{1}}}=-{\frac {.21w}{p_{1}^{2}}}} 1381: 3804: 1801: 3702: 1573: 608: 956: 75:: when the price of good changes, as it becomes relatively cheaper, if hypothetically consumer's consumption remains same, income would be freed up which could be spent on a combination of each or more of the goods. 4384:{\displaystyle {\frac {\partial h_{1}}{\partial p_{2}}}={\frac {\partial x_{1}}{\partial p_{2}}}+{\frac {\partial x_{1}}{\partial w}}x_{2}=0+{\frac {.7}{p_{1}}}{\frac {.3w}{p_{2}}}=-{\frac {.21w}{p_{1}p_{2}}}} 660:
Overall, in simple words, the Slutsky equation states the total change in demand consists of an income effect and a substitution effect and both effects collectively must equal the total change in demand.
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Although strictly speaking the Slutsky equation only applies to infinitesimal changes in prices, it is standardly used a linear approximation for finite changes. If the prices of the two goods change by
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has a negative income effect on good 1's demand, an opposite effect of the exact same size as the substitution effect, so the net effect is zero. This is a special property of the Cobb-Douglas function.
302:{\displaystyle {\partial x_{i}(\mathbf {p} ,w) \over \partial p_{j}}={\partial h_{i}(\mathbf {p} ,u) \over \partial p_{j}}-{\partial x_{i}(\mathbf {p} ,w) \over \partial w}x_{j}(\mathbf {p} ,w),\,} 5844:
The first term is the substitution effect. The second term is the income effect, composed of the consumer's response to income loss times the size of the income loss from each price's increase.
3340:{\displaystyle {\frac {\partial x_{1}}{\partial p_{1}}}={\frac {\partial h_{1}}{\partial p_{1}}}-{\frac {\partial x_{1}}{\partial w}}x_{1}=-{\frac {.21w}{p_{1}^{2}}}-{\frac {.49w}{p_{1}^{2}}}} 1789: 4170: 3770: 5857:
increase in the price. Slutsky's decomposition of the change in demand into a pure substitution effect and income effect explains why the law of demand doesn't hold for Giffen goods.
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of a consumer increases as a result of a price decrease, so the consumer can now afford better products or more of the same products, depending on whether the product itself is a
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is due to the effect of income being freed up. The equation demonstrates that the change in the demand for a good, caused by a price change, is the result of two effects:
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Going back to the original Slutsky equation shows how the substitution and income effects add up to give the total effect of the price rise on quantity demanded:
4013:{\displaystyle {\frac {\partial h_{1}}{\partial p_{1}}}=-.21p_{1}^{-1.3}p_{2}^{.3}(wp_{1}^{-.7}p_{2}^{-.3})=-.21wp_{1}^{-2}p_{2}^{0}=-{\frac {.21w}{p_{1}^{2}}},} 1933:{\displaystyle \sigma (\mathbf {p} ,u):=\mathbf {D_{p}h} (\mathbf {p} ,u)={\begin{bmatrix}{\frac {\partial h_{i}(\mathbf {p} ,u)}{\partial p_{j}}}\end{bmatrix}}} 3600: 2797: 2604: 2562: 1295: 446: 426: 1715:{\displaystyle \mathbf {D_{p}x} (\mathbf {p} ,w)=\mathbf {D_{p}h} (\mathbf {p} ,u)-\mathbf {D_{w}x} (\mathbf {p} ,w)\mathbf {x} (\mathbf {p} ,w)^{\top },\,} 3608: 521: 3469:
One can check that the answer from the Slutsky equation is the same as from directly differentiating the Hicksian demand function, which here is
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However, whether the total effect will always be negative is impossible to tell if inferior complementary goods are mentioned. For instance, the
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Varian, Hal R. “Chapter 8: Slutsky Equation.” Essay. In Intermediate Microeconomics with Calculus, 1st ed., 137. New York, NY: W W Norton, 2014.
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rises, 21/70 is from the substitution effect and 49/70 from the income effect. Good 1 is the good this consumer spends most of his income on (
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The Slutsky equation also can be applied to compute the cross-price substitution effect. One might think it was zero here because when
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While there are several ways to derive the Slutsky equation, the following method is likely the simplest. Begin by noting the identity
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The equation above is helpful as it represents the fluctuation in demand are indicative of different types of good. The
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will always turn out negative as indifference curves are always downward sloping. However, the same does not apply to
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Rearrange the Slutsky equation to put the Hicksian derivative on the left-hand-side yields the substitution effect:
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Varian, H. R. (2020). Intermediate microeconomics : a modern approach (Ninth edition.). W.W. Norton & Company.
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equation, which are observable. This process is sometimes known as the Hicks decomposition of a demand change.
2689: 6048: 4056: 512: 2609: 4424: 2729: 2652: 1517: 961: 454: 352: 315: 4172:), but that is wrong. Again rearranging the Slutsky equation, the cross-price substitution effect is: 2853: 5871: 2802: 2724: 996: 3423: 5916: 3353: 1384: 859:
pull in opposite directions. The total effect will depend on which effect is ultimately stronger.
852: 838: 833: 782: 771: 740: 72: 60: 55: 47: 5069: 5039: 2567: 1507:{\displaystyle h_{j}(\mathbf {p} ,u)=h_{j}(\mathbf {p} ,v(\mathbf {p} ,w))=x_{j}(\mathbf {p} ,w),} 389: 6043: 36: 5906: 5896: 818: 813: 759: 755: 83: 4481: 4397: 4029: 3396: 6033: 5866: 2764: 1376:{\displaystyle {\frac {\partial e(\mathbf {p} ,u)}{\partial p_{j}}}=h_{j}(\mathbf {p} ,u)} 40: 3775: 1985: 5992: 5972: 5953: 5911: 3585: 2782: 2589: 2547: 823: 431: 411: 20: 43:, which is known as such since it compensates to maintain a fixed level of utility. 6027: 3697:{\displaystyle {\frac {\partial h_{1}}{\partial p_{1}}}=-.21p_{1}^{-1.3}p_{2}^{.3}u,} 856: 786: 775: 744: 91: 79: 64: 51: 32: 448:
given by maximizing utility at the original price and income, formally given by the
5891: 843: 751: 603:{\displaystyle \varepsilon _{p,ij}=\varepsilon _{p,ij}^{h}-\varepsilon _{w,i}b_{j}} 2686:
is exactly equal to the corresponding element of the Hicksian substitution matrix
488:. The right-hand side of the equation is equal to the change in demand for good 5901: 5853: 87: 1559:
one can substitute and rewrite the derivation above as the Slutsky equation.
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are positive or negative when prices increase depends on the type of goods:
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Multiplying out the matrices, the effect on good 1, for example, would be
951:{\displaystyle h_{i}(\mathbf {p} ,u)=x_{i}(\mathbf {p} ,e(\mathbf {p} ,u))} 3798:
when the consumer uses the specified demand functions, the derivative is:
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moves outward, which leads to an increase in the quantity demanded. The
2649:, the Slutsky equation implies that each element of the Slutsky matrix 4514:
When there are two goods, the Slutsky equation in matrix form is:
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as it depends on how consumption of a good changes with income.
3572:{\displaystyle h_{1}(p_{1},p_{2},u)=.7p_{1}^{-.3}p_{2}^{.3}u,} 758:
or income goes up. The reverse holds when price increases and
729:{\displaystyle \Delta x_{1}=\Delta x_{1}^{s}+\Delta x_{1}^{l}} 98:
The Slutsky equation decomposes the change in demand for good
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is due to the effect of the relative price change while the
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is the Marshallian demand, at the vector of price levels
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There are two parts of the Slutsky equation, namely the
5940:(10th ed.). Mason, Ohio: Thomson Higher Education. 3707:
so since the Cobb-Douglas indirect utility function is
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is the maximum utility the consumer achieves at prices
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is the derivative operator with respect to prices and
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The Slutsky equation can be rewritten in matrix form:
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is negative, and if the price decreases, consequently
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demanded, multiplied by the change in demand for good
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rises, the Marshallian quantity demanded of good 1,
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or income decreases, as a result of, so does demand.
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is the utility obtained by maximizing utility given
5096:, the effect on the demands for the two goods are: 2799:generates Marshallian demand for goods 1 and 2 of 1739:is the derivative operator with respect to wealth. 5991: 5971: 5952: 5833: 5590: 5088: 5058: 5024: 4497: 4470: 4413: 4383: 4164: 4110: 4045: 4012: 3790: 3764: 3696: 3594: 3571: 3458: 3412: 3385: 3339: 3142: 2896: 2842: 2791: 2755: 2715: 2678: 2641: 2598: 2578: 2556: 2533: 1932: 1783: 1714: 1543: 1506: 1375: 1280: 987: 950: 728: 602: 480: 440: 420: 400: 378: 341: 301: 1784:{\displaystyle \mathbf {D_{p}h} (\mathbf {p} ,u)} 408:, wealth level (or, alternatively, income level) 3466:), which is why the income effect is so large. 4165:{\displaystyle \partial x_{1}/\partial p_{2}=0} 4023:which is indeed the Slutsky equation's answer. 4478:towards good 1. At the same time, the rise in 102:in response to a change in the price of good 8: 4421:rises, there is a substitution effect of 3765:{\displaystyle v=wp_{1}^{-.7}p_{2}^{-.3},} 1011:. Totally differentiating with respect to 511:The equation can be rewritten in terms of 5820: 5807: 5794: 5781: 5751: 5741: 5723: 5707: 5692: 5682: 5673: 5657: 5642: 5632: 5618: 5609: 5574: 5557: 5542: 5525: 5504: 5494: 5486: 5465: 5455: 5445: 5424: 5414: 5406: 5385: 5375: 5367: 5350: 5333: 5318: 5298: 5283: 5273: 5262: 5247: 5237: 5224: 5209: 5199: 5188: 5173: 5163: 5155: 5138: 5121: 5106: 5104: 5080: 5071: 5050: 5041: 5008: 4987: 4977: 4969: 4948: 4938: 4928: 4907: 4897: 4889: 4868: 4858: 4850: 4830: 4815: 4805: 4794: 4779: 4769: 4756: 4741: 4731: 4720: 4705: 4695: 4687: 4667: 4652: 4642: 4631: 4616: 4606: 4593: 4578: 4568: 4557: 4542: 4532: 4524: 4522: 4489: 4483: 4459: 4449: 4437: 4426: 4405: 4399: 4372: 4362: 4347: 4333: 4319: 4311: 4302: 4287: 4266: 4256: 4244: 4229: 4219: 4207: 4192: 4182: 4180: 4150: 4138: 4132: 4123: 4090: 4077: 4064: 4058: 4037: 4031: 3999: 3994: 3980: 3968: 3963: 3950: 3945: 3917: 3912: 3899: 3894: 3878: 3873: 3860: 3855: 3833: 3818: 3808: 3806: 3777: 3750: 3745: 3732: 3727: 3712: 3682: 3677: 3664: 3659: 3637: 3622: 3612: 3610: 3587: 3557: 3552: 3539: 3534: 3509: 3496: 3483: 3477: 3441: 3431: 3425: 3404: 3398: 3377: 3372: 3363: 3355: 3329: 3324: 3310: 3299: 3294: 3280: 3268: 3247: 3237: 3225: 3210: 3200: 3188: 3173: 3163: 3161: 3132: 3127: 3113: 3099: 3085: 3077: 3068: 3057: 3052: 3038: 3026: 3013: 2998: 2988: 2976: 2961: 2951: 2939: 2924: 2914: 2912: 2885: 2876: 2861: 2855: 2834: 2825: 2810: 2804: 2784: 2739: 2731: 2699: 2691: 2662: 2654: 2625: 2611: 2591: 2571: 2569: 2549: 2498: 2489: 2479: 2465: 2456: 2440: 2417: 2408: 2398: 2366: 2357: 2347: 2333: 2324: 2308: 2285: 2276: 2266: 2220: 2211: 2201: 2187: 2178: 2162: 2139: 2130: 2120: 2088: 2079: 2069: 2055: 2046: 2030: 2007: 1998: 1988: 1984: 1963: 1955: 1913: 1890: 1881: 1871: 1863: 1846: 1833: 1828: 1811: 1803: 1767: 1754: 1749: 1747: 1711: 1702: 1687: 1679: 1665: 1652: 1647: 1630: 1617: 1612: 1595: 1582: 1577: 1575: 1527: 1519: 1487: 1478: 1454: 1440: 1431: 1410: 1401: 1395: 1359: 1350: 1334: 1311: 1299: 1297: 1269: 1246: 1234: 1214: 1186: 1172: 1163: 1153: 1141: 1115: 1101: 1092: 1082: 1070: 1047: 1038: 1028: 1026: 971: 963: 931: 917: 908: 887: 878: 872: 720: 715: 699: 694: 678: 669: 594: 578: 565: 551: 529: 523: 464: 456: 433: 413: 393: 391: 362: 354: 325: 317: 298: 281: 272: 243: 234: 224: 212: 189: 180: 170: 158: 135: 126: 116: 114: 791: 5998:(3rd ed.). New York: W. W. Norton. 5978:(3rd ed.). New York: W. W. Norton. 5959:(3rd ed.). New York: W. W. Norton. 5928: 2763:is concave, the Slutsky matrix is also 2716:{\displaystyle \sigma (\mathbf {p} ,u)} 631:is the compensated price elasticity, 4111:{\displaystyle x_{1}(p_{1},p_{2},w),} 2775:A Cobb-Douglas utility function (see 7: 2642:{\displaystyle u=v(\mathbf {p} ,w)} 5813: 5787: 5759: 5744: 5716: 5700: 5685: 5666: 5650: 5635: 5611: 5567: 5550: 5512: 5497: 5473: 5458: 5432: 5417: 5393: 5378: 5343: 5326: 5291: 5276: 5255: 5240: 5217: 5202: 5181: 5166: 5131: 5114: 5073: 5043: 4995: 4980: 4956: 4941: 4915: 4900: 4876: 4861: 4823: 4808: 4787: 4772: 4749: 4734: 4713: 4698: 4660: 4645: 4624: 4609: 4586: 4571: 4550: 4535: 4510:Changes in multiple prices at once 4471:{\displaystyle -.21w/(p_{1}p_{2})} 4274: 4259: 4237: 4222: 4200: 4185: 4143: 4125: 3826: 3811: 3630: 3615: 3255: 3240: 3218: 3203: 3181: 3166: 3006: 2991: 2969: 2954: 2932: 2917: 2514: 2482: 2433: 2401: 2382: 2350: 2301: 2269: 2236: 2204: 2155: 2123: 2104: 2072: 2023: 1991: 1906: 1874: 1703: 1327: 1302: 1262: 1237: 1205: 1156: 1134: 1085: 1063: 1031: 708: 687: 671: 259: 227: 205: 173: 151: 119: 37:Marshallian (uncompensated) demand 14: 2756:{\displaystyle e(\mathbf {p} ,u)} 2679:{\displaystyle S(\mathbf {p} ,w)} 1544:{\displaystyle v(\mathbf {p} ,w)} 988:{\displaystyle e(\mathbf {p} ,u)} 481:{\displaystyle v(\mathbf {p} ,w)} 379:{\displaystyle x(\mathbf {p} ,w)} 342:{\displaystyle h(\mathbf {p} ,u)} 5887:Cobb-Douglas production function 2897:{\displaystyle x_{2}=.3w/p_{2}.} 2777:Cobb-Douglas production function 2740: 2700: 2663: 2626: 2572: 2499: 2466: 2418: 2367: 2334: 2286: 2221: 2188: 2140: 2089: 2056: 2008: 1964: 1891: 1847: 1839: 1834: 1830: 1812: 1768: 1760: 1755: 1751: 1688: 1680: 1666: 1658: 1653: 1649: 1631: 1623: 1618: 1614: 1596: 1588: 1583: 1579: 1528: 1488: 1455: 1441: 1411: 1360: 1312: 1247: 1215: 1187: 1173: 1116: 1102: 1048: 972: 932: 918: 888: 465: 394: 363: 326: 282: 244: 190: 136: 2843:{\displaystyle x_{1}=.7w/p_{1}} 4465: 4442: 4102: 4070: 3926: 3884: 3602:is utility. The derivative is 3521: 3489: 3459:{\displaystyle p_{1}q_{1}=.7w} 3350:Thus, of the total decline of 2750: 2736: 2710: 2696: 2673: 2659: 2636: 2622: 2509: 2495: 2476: 2462: 2428: 2414: 2377: 2363: 2344: 2330: 2296: 2282: 2231: 2217: 2198: 2184: 2150: 2136: 2099: 2085: 2066: 2052: 2018: 2004: 1974: 1960: 1901: 1887: 1857: 1843: 1822: 1808: 1778: 1764: 1699: 1684: 1676: 1662: 1641: 1627: 1606: 1592: 1538: 1524: 1498: 1484: 1468: 1465: 1451: 1437: 1421: 1407: 1370: 1356: 1322: 1308: 1257: 1243: 1225: 1211: 1200: 1197: 1183: 1169: 1129: 1126: 1112: 1098: 1058: 1044: 982: 968: 945: 942: 928: 914: 898: 884: 475: 461: 373: 359: 336: 322: 292: 278: 254: 240: 200: 186: 146: 132: 1: 3386:{\displaystyle .7w/p_{1}^{2}} 41:Hicksian (compensated) demand 5089:{\displaystyle \Delta p_{2}} 5059:{\displaystyle \Delta p_{1}} 2779:) with two goods and income 2579:{\displaystyle \mathbf {p} } 1795:and is formally defined as: 1793:Hicksian substitution matrix 1292:Making use of the fact that 401:{\displaystyle \mathbf {p} } 5882:Marshallian demand function 496:minus the quantity of good 349:is the Hicksian demand and 6070: 3393:in quantity demanded when 428:, and fixed utility level 1553:indirect utility function 1018:yields as the following: 653:the budget share of good 492:holding utility fixed at 450:indirect utility function 5877:Hicksian demand function 750:The income effect on a 620:is the (uncompensated) 6054:Mathematical economics 5994:Microeconomic Analysis 5974:Microeconomic Analysis 5955:Microeconomic Analysis 5936:Nicholson, W. (2005). 5835: 5592: 5090: 5060: 5026: 4499: 4472: 4415: 4385: 4166: 4112: 4047: 4014: 3792: 3766: 3698: 3596: 3573: 3460: 3414: 3387: 3341: 3144: 2898: 2844: 2793: 2765:negative semi-definite 2757: 2717: 2680: 2643: 2600: 2580: 2558: 2535: 1934: 1785: 1716: 1545: 1508: 1377: 1282: 989: 952: 730: 604: 482: 442: 422: 402: 380: 343: 303: 5836: 5593: 5091: 5061: 5027: 4500: 4498:{\displaystyle p_{2}} 4473: 4416: 4414:{\displaystyle p_{2}} 4386: 4167: 4113: 4048: 4046:{\displaystyle p_{2}} 4015: 3793: 3767: 3699: 3597: 3574: 3461: 3415: 3413:{\displaystyle p_{1}} 3388: 3342: 3145: 2899: 2845: 2794: 2758: 2718: 2681: 2644: 2601: 2581: 2559: 2536: 1935: 1786: 1717: 1546: 1509: 1387:and that at optimum, 1378: 1283: 990: 953: 774:is negative, but the 731: 605: 504:when wealth changes. 483: 443: 423: 403: 381: 344: 304: 35:, relates changes in 16:Equation in economics 6039:Eponyms in economics 5938:Microeconomic Theory 5608: 5103: 5070: 5040: 4521: 4482: 4425: 4398: 4394:This says that when 4179: 4122: 4057: 4030: 3805: 3776: 3711: 3609: 3586: 3476: 3424: 3397: 3354: 3160: 2911: 2854: 2803: 2783: 2730: 2725:expenditure function 2690: 2653: 2610: 2590: 2568: 2548: 1954: 1802: 1746: 1574: 1518: 1394: 1296: 1025: 997:expenditure function 962: 871: 802:Substitution Effect 668: 522: 455: 432: 412: 390: 353: 316: 113: 5990:Varian, H. (1992). 5970:Varian, H. (1992). 5951:Varian, H. (1992). 5917:Complementary goods 4004: 3973: 3958: 3925: 3907: 3883: 3868: 3791:{\displaystyle u=v} 3758: 3740: 3687: 3672: 3562: 3547: 3382: 3334: 3304: 3137: 3062: 853:substitution effect 839:Complementary goods 834:Complementary goods 793: 783:substitution effect 772:substitution effect 741:substitution effect 725: 704: 570: 73:substitution effect 61:substitution effect 56:substitution effect 48:substitution effect 5831: 5588: 5582: 5533: 5358: 5309: 5146: 5086: 5056: 5022: 5016: 4841: 4678: 4495: 4468: 4411: 4381: 4162: 4108: 4043: 4010: 3990: 3959: 3941: 3908: 3890: 3869: 3851: 3788: 3762: 3741: 3723: 3694: 3673: 3655: 3592: 3569: 3548: 3530: 3456: 3410: 3383: 3368: 3337: 3320: 3290: 3140: 3123: 3048: 2894: 2840: 2789: 2753: 2713: 2676: 2639: 2596: 2576: 2554: 2531: 2525: 1930: 1924: 1781: 1712: 1563:The Slutsky matrix 1541: 1504: 1373: 1278: 985: 948: 792: 778:is also negative. 726: 711: 690: 600: 547: 478: 438: 418: 398: 376: 339: 299: 54:. In general, the 5872:Hotelling's lemma 5766: 5714: 5664: 5519: 5480: 5439: 5400: 5305: 5269: 5231: 5195: 5002: 4963: 4922: 4883: 4837: 4801: 4763: 4727: 4674: 4638: 4600: 4564: 4379: 4339: 4317: 4281: 4251: 4214: 4005: 3840: 3644: 3595:{\displaystyle u} 3335: 3305: 3262: 3232: 3195: 3138: 3105: 3083: 3063: 3020: 2983: 2946: 2792:{\displaystyle w} 2599:{\displaystyle w} 2557:{\displaystyle u} 2521: 2447: 2389: 2315: 2243: 2169: 2111: 2037: 1920: 1341: 1276: 1229: 1148: 1077: 849: 848: 640:income elasticity 441:{\displaystyle u} 421:{\displaystyle w} 266: 219: 165: 6061: 6010: 6007: 6001: 5999: 5997: 5987: 5981: 5979: 5977: 5967: 5961: 5960: 5958: 5948: 5942: 5941: 5933: 5907:Substitute goods 5897:Purchasing power 5840: 5838: 5837: 5832: 5830: 5826: 5825: 5824: 5812: 5811: 5799: 5798: 5786: 5785: 5771: 5767: 5765: 5757: 5756: 5755: 5742: 5733: 5729: 5728: 5727: 5715: 5713: 5712: 5711: 5698: 5697: 5696: 5683: 5678: 5677: 5665: 5663: 5662: 5661: 5648: 5647: 5646: 5633: 5623: 5622: 5597: 5595: 5594: 5589: 5587: 5586: 5579: 5578: 5562: 5561: 5538: 5537: 5530: 5529: 5520: 5518: 5510: 5509: 5508: 5495: 5491: 5490: 5481: 5479: 5471: 5470: 5469: 5456: 5450: 5449: 5440: 5438: 5430: 5429: 5428: 5415: 5411: 5410: 5401: 5399: 5391: 5390: 5389: 5376: 5363: 5362: 5355: 5354: 5338: 5337: 5314: 5313: 5306: 5304: 5303: 5302: 5289: 5288: 5287: 5274: 5270: 5268: 5267: 5266: 5253: 5252: 5251: 5238: 5232: 5230: 5229: 5228: 5215: 5214: 5213: 5200: 5196: 5194: 5193: 5192: 5179: 5178: 5177: 5164: 5151: 5150: 5143: 5142: 5126: 5125: 5095: 5093: 5092: 5087: 5085: 5084: 5065: 5063: 5062: 5057: 5055: 5054: 5031: 5029: 5028: 5023: 5021: 5020: 5013: 5012: 5003: 5001: 4993: 4992: 4991: 4978: 4974: 4973: 4964: 4962: 4954: 4953: 4952: 4939: 4933: 4932: 4923: 4921: 4913: 4912: 4911: 4898: 4894: 4893: 4884: 4882: 4874: 4873: 4872: 4859: 4846: 4845: 4838: 4836: 4835: 4834: 4821: 4820: 4819: 4806: 4802: 4800: 4799: 4798: 4785: 4784: 4783: 4770: 4764: 4762: 4761: 4760: 4747: 4746: 4745: 4732: 4728: 4726: 4725: 4724: 4711: 4710: 4709: 4696: 4683: 4682: 4675: 4673: 4672: 4671: 4658: 4657: 4656: 4643: 4639: 4637: 4636: 4635: 4622: 4621: 4620: 4607: 4601: 4599: 4598: 4597: 4584: 4583: 4582: 4569: 4565: 4563: 4562: 4561: 4548: 4547: 4546: 4533: 4504: 4502: 4501: 4496: 4494: 4493: 4477: 4475: 4474: 4469: 4464: 4463: 4454: 4453: 4441: 4420: 4418: 4417: 4412: 4410: 4409: 4390: 4388: 4387: 4382: 4380: 4378: 4377: 4376: 4367: 4366: 4356: 4348: 4340: 4338: 4337: 4328: 4320: 4318: 4316: 4315: 4303: 4292: 4291: 4282: 4280: 4272: 4271: 4270: 4257: 4252: 4250: 4249: 4248: 4235: 4234: 4233: 4220: 4215: 4213: 4212: 4211: 4198: 4197: 4196: 4183: 4171: 4169: 4168: 4163: 4155: 4154: 4142: 4137: 4136: 4118:is unaffected ( 4117: 4115: 4114: 4109: 4095: 4094: 4082: 4081: 4069: 4068: 4052: 4050: 4049: 4044: 4042: 4041: 4019: 4017: 4016: 4011: 4006: 4003: 3998: 3989: 3981: 3972: 3967: 3957: 3949: 3924: 3916: 3906: 3898: 3882: 3877: 3867: 3859: 3841: 3839: 3838: 3837: 3824: 3823: 3822: 3809: 3797: 3795: 3794: 3789: 3771: 3769: 3768: 3763: 3757: 3749: 3739: 3731: 3703: 3701: 3700: 3695: 3686: 3681: 3671: 3663: 3645: 3643: 3642: 3641: 3628: 3627: 3626: 3613: 3601: 3599: 3598: 3593: 3578: 3576: 3575: 3570: 3561: 3556: 3546: 3538: 3514: 3513: 3501: 3500: 3488: 3487: 3465: 3463: 3462: 3457: 3446: 3445: 3436: 3435: 3419: 3417: 3416: 3411: 3409: 3408: 3392: 3390: 3389: 3384: 3381: 3376: 3367: 3346: 3344: 3343: 3338: 3336: 3333: 3328: 3319: 3311: 3306: 3303: 3298: 3289: 3281: 3273: 3272: 3263: 3261: 3253: 3252: 3251: 3238: 3233: 3231: 3230: 3229: 3216: 3215: 3214: 3201: 3196: 3194: 3193: 3192: 3179: 3178: 3177: 3164: 3149: 3147: 3146: 3141: 3139: 3136: 3131: 3122: 3114: 3106: 3104: 3103: 3094: 3086: 3084: 3082: 3081: 3069: 3064: 3061: 3056: 3047: 3039: 3031: 3030: 3021: 3019: 3018: 3017: 3004: 3003: 3002: 2989: 2984: 2982: 2981: 2980: 2967: 2966: 2965: 2952: 2947: 2945: 2944: 2943: 2930: 2929: 2928: 2915: 2903: 2901: 2900: 2895: 2890: 2889: 2880: 2866: 2865: 2849: 2847: 2846: 2841: 2839: 2838: 2829: 2815: 2814: 2798: 2796: 2795: 2790: 2762: 2760: 2759: 2754: 2743: 2722: 2720: 2719: 2714: 2703: 2685: 2683: 2682: 2677: 2666: 2648: 2646: 2645: 2640: 2629: 2605: 2603: 2602: 2597: 2585: 2583: 2582: 2577: 2575: 2563: 2561: 2560: 2555: 2540: 2538: 2537: 2532: 2530: 2526: 2522: 2520: 2512: 2502: 2494: 2493: 2480: 2469: 2461: 2460: 2448: 2446: 2445: 2444: 2431: 2421: 2413: 2412: 2399: 2390: 2388: 2380: 2370: 2362: 2361: 2348: 2337: 2329: 2328: 2316: 2314: 2313: 2312: 2299: 2289: 2281: 2280: 2267: 2244: 2242: 2234: 2224: 2216: 2215: 2202: 2191: 2183: 2182: 2170: 2168: 2167: 2166: 2153: 2143: 2135: 2134: 2121: 2112: 2110: 2102: 2092: 2084: 2083: 2070: 2059: 2051: 2050: 2038: 2036: 2035: 2034: 2021: 2011: 2003: 2002: 1989: 1967: 1939: 1937: 1936: 1931: 1929: 1928: 1921: 1919: 1918: 1917: 1904: 1894: 1886: 1885: 1872: 1850: 1842: 1838: 1837: 1815: 1791:is known as the 1790: 1788: 1787: 1782: 1771: 1763: 1759: 1758: 1721: 1719: 1718: 1713: 1707: 1706: 1691: 1683: 1669: 1661: 1657: 1656: 1634: 1626: 1622: 1621: 1599: 1591: 1587: 1586: 1550: 1548: 1547: 1542: 1531: 1513: 1511: 1510: 1505: 1491: 1483: 1482: 1458: 1444: 1436: 1435: 1414: 1406: 1405: 1385:Shephard's lemma 1382: 1380: 1379: 1374: 1363: 1355: 1354: 1342: 1340: 1339: 1338: 1325: 1315: 1300: 1287: 1285: 1284: 1279: 1277: 1275: 1274: 1273: 1260: 1250: 1235: 1230: 1228: 1218: 1203: 1190: 1176: 1168: 1167: 1154: 1149: 1147: 1146: 1145: 1132: 1119: 1105: 1097: 1096: 1083: 1078: 1076: 1075: 1074: 1061: 1051: 1043: 1042: 1029: 994: 992: 991: 986: 975: 957: 955: 954: 949: 935: 921: 913: 912: 891: 883: 882: 819:Substitute goods 814:Substitute goods 794: 781:In any case the 760:purchasing power 756:purchasing power 735: 733: 732: 727: 724: 719: 703: 698: 683: 682: 622:price elasticity 609: 607: 606: 601: 599: 598: 589: 588: 569: 564: 543: 542: 487: 485: 484: 479: 468: 447: 445: 444: 439: 427: 425: 424: 419: 407: 405: 404: 399: 397: 385: 383: 382: 377: 366: 348: 346: 345: 340: 329: 308: 306: 305: 300: 285: 277: 276: 267: 265: 257: 247: 239: 238: 225: 220: 218: 217: 216: 203: 193: 185: 184: 171: 166: 164: 163: 162: 149: 139: 131: 130: 117: 84:purchasing power 29:Slutsky identity 25:Slutsky equation 6069: 6068: 6064: 6063: 6062: 6060: 6059: 6058: 6024: 6023: 6019: 6014: 6013: 6008: 6004: 6000:, pp. 120-121. 5989: 5988: 5984: 5969: 5968: 5964: 5950: 5949: 5945: 5935: 5934: 5930: 5925: 5867:Consumer choice 5863: 5850: 5816: 5803: 5790: 5777: 5776: 5772: 5758: 5747: 5743: 5737: 5719: 5703: 5699: 5688: 5684: 5669: 5653: 5649: 5638: 5634: 5631: 5627: 5614: 5606: 5605: 5581: 5580: 5570: 5564: 5563: 5553: 5543: 5532: 5531: 5521: 5511: 5500: 5496: 5492: 5482: 5472: 5461: 5457: 5452: 5451: 5441: 5431: 5420: 5416: 5412: 5402: 5392: 5381: 5377: 5368: 5357: 5356: 5346: 5340: 5339: 5329: 5319: 5308: 5307: 5294: 5290: 5279: 5275: 5271: 5258: 5254: 5243: 5239: 5234: 5233: 5220: 5216: 5205: 5201: 5197: 5184: 5180: 5169: 5165: 5156: 5145: 5144: 5134: 5128: 5127: 5117: 5107: 5101: 5100: 5076: 5068: 5067: 5046: 5038: 5037: 5015: 5014: 5004: 4994: 4983: 4979: 4975: 4965: 4955: 4944: 4940: 4935: 4934: 4924: 4914: 4903: 4899: 4895: 4885: 4875: 4864: 4860: 4851: 4840: 4839: 4826: 4822: 4811: 4807: 4803: 4790: 4786: 4775: 4771: 4766: 4765: 4752: 4748: 4737: 4733: 4729: 4716: 4712: 4701: 4697: 4688: 4677: 4676: 4663: 4659: 4648: 4644: 4640: 4627: 4623: 4612: 4608: 4603: 4602: 4589: 4585: 4574: 4570: 4566: 4553: 4549: 4538: 4534: 4525: 4519: 4518: 4512: 4485: 4480: 4479: 4455: 4445: 4423: 4422: 4401: 4396: 4395: 4368: 4358: 4357: 4349: 4329: 4321: 4307: 4283: 4273: 4262: 4258: 4240: 4236: 4225: 4221: 4203: 4199: 4188: 4184: 4177: 4176: 4146: 4128: 4120: 4119: 4086: 4073: 4060: 4055: 4054: 4033: 4028: 4027: 3982: 3829: 3825: 3814: 3810: 3803: 3802: 3774: 3773: 3709: 3708: 3633: 3629: 3618: 3614: 3607: 3606: 3584: 3583: 3505: 3492: 3479: 3474: 3473: 3437: 3427: 3422: 3421: 3400: 3395: 3394: 3352: 3351: 3312: 3282: 3264: 3254: 3243: 3239: 3221: 3217: 3206: 3202: 3184: 3180: 3169: 3165: 3158: 3157: 3115: 3095: 3087: 3073: 3040: 3022: 3009: 3005: 2994: 2990: 2972: 2968: 2957: 2953: 2935: 2931: 2920: 2916: 2909: 2908: 2881: 2857: 2852: 2851: 2830: 2806: 2801: 2800: 2781: 2780: 2773: 2728: 2727: 2688: 2687: 2651: 2650: 2608: 2607: 2588: 2587: 2566: 2565: 2546: 2545: 2524: 2523: 2513: 2485: 2481: 2452: 2436: 2432: 2404: 2400: 2396: 2391: 2381: 2353: 2349: 2320: 2304: 2300: 2272: 2268: 2263: 2262: 2257: 2252: 2246: 2245: 2235: 2207: 2203: 2174: 2158: 2154: 2126: 2122: 2118: 2113: 2103: 2075: 2071: 2042: 2026: 2022: 1994: 1990: 1980: 1952: 1951: 1923: 1922: 1909: 1905: 1877: 1873: 1864: 1829: 1800: 1799: 1750: 1744: 1743: 1737: 1730: 1698: 1648: 1613: 1578: 1572: 1571: 1565: 1516: 1515: 1474: 1427: 1397: 1392: 1391: 1346: 1330: 1326: 1301: 1294: 1293: 1265: 1261: 1236: 1204: 1159: 1155: 1137: 1133: 1088: 1084: 1066: 1062: 1034: 1030: 1023: 1022: 1016: 960: 959: 904: 874: 869: 868: 865: 674: 666: 665: 651: 636: 629: 618: 590: 574: 525: 520: 519: 453: 452: 430: 429: 410: 409: 388: 387: 351: 350: 314: 313: 268: 258: 230: 226: 208: 204: 176: 172: 154: 150: 122: 118: 111: 110: 31:), named after 17: 12: 11: 5: 6067: 6065: 6057: 6056: 6051: 6049:Microeconomics 6046: 6041: 6036: 6026: 6025: 6018: 6015: 6012: 6011: 6002: 5982: 5962: 5943: 5927: 5926: 5924: 5921: 5920: 5919: 5914: 5912:Inferior goods 5909: 5904: 5899: 5894: 5889: 5884: 5879: 5874: 5869: 5862: 5859: 5849: 5846: 5842: 5841: 5829: 5823: 5819: 5815: 5810: 5806: 5802: 5797: 5793: 5789: 5784: 5780: 5775: 5770: 5764: 5761: 5754: 5750: 5746: 5740: 5736: 5732: 5726: 5722: 5718: 5710: 5706: 5702: 5695: 5691: 5687: 5681: 5676: 5672: 5668: 5660: 5656: 5652: 5645: 5641: 5637: 5630: 5626: 5621: 5617: 5613: 5599: 5598: 5585: 5577: 5573: 5569: 5566: 5565: 5560: 5556: 5552: 5549: 5548: 5546: 5541: 5536: 5528: 5524: 5517: 5514: 5507: 5503: 5499: 5493: 5489: 5485: 5478: 5475: 5468: 5464: 5460: 5454: 5453: 5448: 5444: 5437: 5434: 5427: 5423: 5419: 5413: 5409: 5405: 5398: 5395: 5388: 5384: 5380: 5374: 5373: 5371: 5366: 5361: 5353: 5349: 5345: 5342: 5341: 5336: 5332: 5328: 5325: 5324: 5322: 5317: 5312: 5301: 5297: 5293: 5286: 5282: 5278: 5272: 5265: 5261: 5257: 5250: 5246: 5242: 5236: 5235: 5227: 5223: 5219: 5212: 5208: 5204: 5198: 5191: 5187: 5183: 5176: 5172: 5168: 5162: 5161: 5159: 5154: 5149: 5141: 5137: 5133: 5130: 5129: 5124: 5120: 5116: 5113: 5112: 5110: 5083: 5079: 5075: 5053: 5049: 5045: 5033: 5032: 5019: 5011: 5007: 5000: 4997: 4990: 4986: 4982: 4976: 4972: 4968: 4961: 4958: 4951: 4947: 4943: 4937: 4936: 4931: 4927: 4920: 4917: 4910: 4906: 4902: 4896: 4892: 4888: 4881: 4878: 4871: 4867: 4863: 4857: 4856: 4854: 4849: 4844: 4833: 4829: 4825: 4818: 4814: 4810: 4804: 4797: 4793: 4789: 4782: 4778: 4774: 4768: 4767: 4759: 4755: 4751: 4744: 4740: 4736: 4730: 4723: 4719: 4715: 4708: 4704: 4700: 4694: 4693: 4691: 4686: 4681: 4670: 4666: 4662: 4655: 4651: 4647: 4641: 4634: 4630: 4626: 4619: 4615: 4611: 4605: 4604: 4596: 4592: 4588: 4581: 4577: 4573: 4567: 4560: 4556: 4552: 4545: 4541: 4537: 4531: 4530: 4528: 4511: 4508: 4492: 4488: 4467: 4462: 4458: 4452: 4448: 4444: 4440: 4436: 4433: 4430: 4408: 4404: 4392: 4391: 4375: 4371: 4365: 4361: 4355: 4352: 4346: 4343: 4336: 4332: 4327: 4324: 4314: 4310: 4306: 4301: 4298: 4295: 4290: 4286: 4279: 4276: 4269: 4265: 4261: 4255: 4247: 4243: 4239: 4232: 4228: 4224: 4218: 4210: 4206: 4202: 4195: 4191: 4187: 4161: 4158: 4153: 4149: 4145: 4141: 4135: 4131: 4127: 4107: 4104: 4101: 4098: 4093: 4089: 4085: 4080: 4076: 4072: 4067: 4063: 4040: 4036: 4021: 4020: 4009: 4002: 3997: 3993: 3988: 3985: 3979: 3976: 3971: 3966: 3962: 3956: 3953: 3948: 3944: 3940: 3937: 3934: 3931: 3928: 3923: 3920: 3915: 3911: 3905: 3902: 3897: 3893: 3889: 3886: 3881: 3876: 3872: 3866: 3863: 3858: 3854: 3850: 3847: 3844: 3836: 3832: 3828: 3821: 3817: 3813: 3787: 3784: 3781: 3761: 3756: 3753: 3748: 3744: 3738: 3735: 3730: 3726: 3722: 3719: 3716: 3705: 3704: 3693: 3690: 3685: 3680: 3676: 3670: 3667: 3662: 3658: 3654: 3651: 3648: 3640: 3636: 3632: 3625: 3621: 3617: 3591: 3580: 3579: 3568: 3565: 3560: 3555: 3551: 3545: 3542: 3537: 3533: 3529: 3526: 3523: 3520: 3517: 3512: 3508: 3504: 3499: 3495: 3491: 3486: 3482: 3455: 3452: 3449: 3444: 3440: 3434: 3430: 3407: 3403: 3380: 3375: 3371: 3366: 3362: 3359: 3348: 3347: 3332: 3327: 3323: 3318: 3315: 3309: 3302: 3297: 3293: 3288: 3285: 3279: 3276: 3271: 3267: 3260: 3257: 3250: 3246: 3242: 3236: 3228: 3224: 3220: 3213: 3209: 3205: 3199: 3191: 3187: 3183: 3176: 3172: 3168: 3151: 3150: 3135: 3130: 3126: 3121: 3118: 3112: 3109: 3102: 3098: 3093: 3090: 3080: 3076: 3072: 3067: 3060: 3055: 3051: 3046: 3043: 3037: 3034: 3029: 3025: 3016: 3012: 3008: 3001: 2997: 2993: 2987: 2979: 2975: 2971: 2964: 2960: 2956: 2950: 2942: 2938: 2934: 2927: 2923: 2919: 2893: 2888: 2884: 2879: 2875: 2872: 2869: 2864: 2860: 2837: 2833: 2828: 2824: 2821: 2818: 2813: 2809: 2788: 2772: 2769: 2752: 2749: 2746: 2742: 2738: 2735: 2712: 2709: 2706: 2702: 2698: 2695: 2675: 2672: 2669: 2665: 2661: 2658: 2638: 2635: 2632: 2628: 2624: 2621: 2618: 2615: 2595: 2574: 2553: 2542: 2541: 2529: 2519: 2516: 2511: 2508: 2505: 2501: 2497: 2492: 2488: 2484: 2478: 2475: 2472: 2468: 2464: 2459: 2455: 2451: 2443: 2439: 2435: 2430: 2427: 2424: 2420: 2416: 2411: 2407: 2403: 2397: 2395: 2392: 2387: 2384: 2379: 2376: 2373: 2369: 2365: 2360: 2356: 2352: 2346: 2343: 2340: 2336: 2332: 2327: 2323: 2319: 2311: 2307: 2303: 2298: 2295: 2292: 2288: 2284: 2279: 2275: 2271: 2265: 2264: 2261: 2258: 2256: 2253: 2251: 2248: 2247: 2241: 2238: 2233: 2230: 2227: 2223: 2219: 2214: 2210: 2206: 2200: 2197: 2194: 2190: 2186: 2181: 2177: 2173: 2165: 2161: 2157: 2152: 2149: 2146: 2142: 2138: 2133: 2129: 2125: 2119: 2117: 2114: 2109: 2106: 2101: 2098: 2095: 2091: 2087: 2082: 2078: 2074: 2068: 2065: 2062: 2058: 2054: 2049: 2045: 2041: 2033: 2029: 2025: 2020: 2017: 2014: 2010: 2006: 2001: 1997: 1993: 1987: 1986: 1983: 1979: 1976: 1973: 1970: 1966: 1962: 1959: 1945:Slutsky matrix 1941: 1940: 1927: 1916: 1912: 1908: 1903: 1900: 1897: 1893: 1889: 1884: 1880: 1876: 1870: 1869: 1867: 1862: 1859: 1856: 1853: 1849: 1845: 1841: 1836: 1832: 1827: 1824: 1821: 1818: 1814: 1810: 1807: 1780: 1777: 1774: 1770: 1766: 1762: 1757: 1753: 1735: 1728: 1723: 1722: 1710: 1705: 1701: 1697: 1694: 1690: 1686: 1682: 1678: 1675: 1672: 1668: 1664: 1660: 1655: 1651: 1646: 1643: 1640: 1637: 1633: 1629: 1625: 1620: 1616: 1611: 1608: 1605: 1602: 1598: 1594: 1590: 1585: 1581: 1564: 1561: 1557: 1556: 1540: 1537: 1534: 1530: 1526: 1523: 1503: 1500: 1497: 1494: 1490: 1486: 1481: 1477: 1473: 1470: 1467: 1464: 1461: 1457: 1453: 1450: 1447: 1443: 1439: 1434: 1430: 1426: 1423: 1420: 1417: 1413: 1409: 1404: 1400: 1372: 1369: 1366: 1362: 1358: 1353: 1349: 1345: 1337: 1333: 1329: 1324: 1321: 1318: 1314: 1310: 1307: 1304: 1290: 1289: 1272: 1268: 1264: 1259: 1256: 1253: 1249: 1245: 1242: 1239: 1233: 1227: 1224: 1221: 1217: 1213: 1210: 1207: 1202: 1199: 1196: 1193: 1189: 1185: 1182: 1179: 1175: 1171: 1166: 1162: 1158: 1152: 1144: 1140: 1136: 1131: 1128: 1125: 1122: 1118: 1114: 1111: 1108: 1104: 1100: 1095: 1091: 1087: 1081: 1073: 1069: 1065: 1060: 1057: 1054: 1050: 1046: 1041: 1037: 1033: 1014: 984: 981: 978: 974: 970: 967: 947: 944: 941: 938: 934: 930: 927: 924: 920: 916: 911: 907: 903: 900: 897: 894: 890: 886: 881: 877: 864: 861: 847: 846: 841: 836: 831: 827: 826: 824:Inferior goods 821: 816: 811: 807: 806: 805:Income Effect 803: 800: 797: 737: 736: 723: 718: 714: 710: 707: 702: 697: 693: 689: 686: 681: 677: 673: 649: 634: 627: 616: 611: 610: 597: 593: 587: 584: 581: 577: 573: 568: 563: 560: 557: 554: 550: 546: 541: 538: 535: 532: 528: 477: 474: 471: 467: 463: 460: 437: 417: 396: 375: 372: 369: 365: 361: 358: 338: 335: 332: 328: 324: 321: 310: 309: 297: 294: 291: 288: 284: 280: 275: 271: 264: 261: 256: 253: 250: 246: 242: 237: 233: 229: 223: 215: 211: 207: 202: 199: 196: 192: 188: 183: 179: 175: 169: 161: 157: 153: 148: 145: 142: 138: 134: 129: 125: 121: 96: 95: 76: 39:to changes in 21:microeconomics 15: 13: 10: 9: 6: 4: 3: 2: 6066: 6055: 6052: 6050: 6047: 6045: 6042: 6040: 6037: 6035: 6032: 6031: 6029: 6022: 6016: 6006: 6003: 5996: 5995: 5986: 5983: 5976: 5975: 5966: 5963: 5957: 5956: 5947: 5944: 5939: 5932: 5929: 5922: 5918: 5915: 5913: 5910: 5908: 5905: 5903: 5900: 5898: 5895: 5893: 5890: 5888: 5885: 5883: 5880: 5878: 5875: 5873: 5870: 5868: 5865: 5864: 5860: 5858: 5855: 5847: 5845: 5827: 5821: 5817: 5808: 5804: 5800: 5795: 5791: 5782: 5778: 5773: 5768: 5762: 5752: 5748: 5738: 5734: 5730: 5724: 5720: 5708: 5704: 5693: 5689: 5679: 5674: 5670: 5658: 5654: 5643: 5639: 5628: 5624: 5619: 5615: 5604: 5603: 5602: 5583: 5575: 5571: 5558: 5554: 5544: 5539: 5534: 5526: 5522: 5515: 5505: 5501: 5487: 5483: 5476: 5466: 5462: 5446: 5442: 5435: 5425: 5421: 5407: 5403: 5396: 5386: 5382: 5369: 5364: 5359: 5351: 5347: 5334: 5330: 5320: 5315: 5310: 5299: 5295: 5284: 5280: 5263: 5259: 5248: 5244: 5225: 5221: 5210: 5206: 5189: 5185: 5174: 5170: 5157: 5152: 5147: 5139: 5135: 5122: 5118: 5108: 5099: 5098: 5097: 5081: 5077: 5051: 5047: 5017: 5009: 5005: 4998: 4988: 4984: 4970: 4966: 4959: 4949: 4945: 4929: 4925: 4918: 4908: 4904: 4890: 4886: 4879: 4869: 4865: 4852: 4847: 4842: 4831: 4827: 4816: 4812: 4795: 4791: 4780: 4776: 4757: 4753: 4742: 4738: 4721: 4717: 4706: 4702: 4689: 4684: 4679: 4668: 4664: 4653: 4649: 4632: 4628: 4617: 4613: 4594: 4590: 4579: 4575: 4558: 4554: 4543: 4539: 4526: 4517: 4516: 4515: 4509: 4507: 4490: 4486: 4460: 4456: 4450: 4446: 4438: 4434: 4431: 4428: 4406: 4402: 4373: 4369: 4363: 4359: 4353: 4350: 4344: 4341: 4334: 4330: 4325: 4322: 4312: 4308: 4304: 4299: 4296: 4293: 4288: 4284: 4277: 4267: 4263: 4253: 4245: 4241: 4230: 4226: 4216: 4208: 4204: 4193: 4189: 4175: 4174: 4173: 4159: 4156: 4151: 4147: 4139: 4133: 4129: 4105: 4099: 4096: 4091: 4087: 4083: 4078: 4074: 4065: 4061: 4038: 4034: 4024: 4007: 4000: 3995: 3991: 3986: 3983: 3977: 3974: 3969: 3964: 3960: 3954: 3951: 3946: 3942: 3938: 3935: 3932: 3929: 3921: 3918: 3913: 3909: 3903: 3900: 3895: 3891: 3887: 3879: 3874: 3870: 3864: 3861: 3856: 3852: 3848: 3845: 3842: 3834: 3830: 3819: 3815: 3801: 3800: 3799: 3785: 3782: 3779: 3759: 3754: 3751: 3746: 3742: 3736: 3733: 3728: 3724: 3720: 3717: 3714: 3691: 3688: 3683: 3678: 3674: 3668: 3665: 3660: 3656: 3652: 3649: 3646: 3638: 3634: 3623: 3619: 3605: 3604: 3603: 3589: 3566: 3563: 3558: 3553: 3549: 3543: 3540: 3535: 3531: 3527: 3524: 3518: 3515: 3510: 3506: 3502: 3497: 3493: 3484: 3480: 3472: 3471: 3470: 3467: 3453: 3450: 3447: 3442: 3438: 3432: 3428: 3405: 3401: 3378: 3373: 3369: 3364: 3360: 3357: 3330: 3325: 3321: 3316: 3313: 3307: 3300: 3295: 3291: 3286: 3283: 3277: 3274: 3269: 3265: 3258: 3248: 3244: 3234: 3226: 3222: 3211: 3207: 3197: 3189: 3185: 3174: 3170: 3156: 3155: 3154: 3133: 3128: 3124: 3119: 3116: 3110: 3107: 3100: 3096: 3091: 3088: 3078: 3074: 3070: 3065: 3058: 3053: 3049: 3044: 3041: 3035: 3032: 3027: 3023: 3014: 3010: 2999: 2995: 2985: 2977: 2973: 2962: 2958: 2948: 2940: 2936: 2925: 2921: 2907: 2906: 2905: 2891: 2886: 2882: 2877: 2873: 2870: 2867: 2862: 2858: 2835: 2831: 2826: 2822: 2819: 2816: 2811: 2807: 2786: 2778: 2770: 2768: 2766: 2747: 2744: 2733: 2726: 2707: 2704: 2693: 2670: 2667: 2656: 2633: 2630: 2619: 2616: 2613: 2593: 2551: 2527: 2517: 2506: 2503: 2490: 2486: 2473: 2470: 2457: 2453: 2449: 2441: 2437: 2425: 2422: 2409: 2405: 2393: 2385: 2374: 2371: 2358: 2354: 2341: 2338: 2325: 2321: 2317: 2309: 2305: 2293: 2290: 2277: 2273: 2259: 2254: 2249: 2239: 2228: 2225: 2212: 2208: 2195: 2192: 2179: 2175: 2171: 2163: 2159: 2147: 2144: 2131: 2127: 2115: 2107: 2096: 2093: 2080: 2076: 2063: 2060: 2047: 2043: 2039: 2031: 2027: 2015: 2012: 1999: 1995: 1981: 1977: 1971: 1968: 1957: 1950: 1949: 1948: 1947:is given by: 1946: 1925: 1914: 1910: 1898: 1895: 1882: 1878: 1865: 1860: 1854: 1851: 1825: 1819: 1816: 1805: 1798: 1797: 1796: 1794: 1775: 1772: 1740: 1738: 1731: 1708: 1695: 1692: 1673: 1670: 1644: 1638: 1635: 1609: 1603: 1600: 1570: 1569: 1568: 1562: 1560: 1554: 1535: 1532: 1521: 1501: 1495: 1492: 1479: 1475: 1471: 1462: 1459: 1448: 1445: 1432: 1428: 1424: 1418: 1415: 1402: 1398: 1390: 1389: 1388: 1386: 1367: 1364: 1351: 1347: 1343: 1335: 1331: 1319: 1316: 1305: 1270: 1266: 1254: 1251: 1240: 1231: 1222: 1219: 1208: 1194: 1191: 1180: 1177: 1164: 1160: 1150: 1142: 1138: 1123: 1120: 1109: 1106: 1093: 1089: 1079: 1071: 1067: 1055: 1052: 1039: 1035: 1021: 1020: 1019: 1017: 1010: 1006: 1002: 998: 979: 976: 965: 939: 936: 925: 922: 909: 905: 901: 895: 892: 879: 875: 862: 860: 858: 857:income effect 854: 845: 842: 840: 837: 835: 832: 829: 828: 825: 822: 820: 817: 815: 812: 809: 808: 804: 801: 799:Total Effect 798: 796: 795: 790: 788: 787:income effect 784: 779: 777: 776:income effect 773: 767: 763: 761: 757: 753: 748: 746: 745:income effect 742: 721: 716: 712: 705: 700: 695: 691: 684: 679: 675: 664: 663: 662: 658: 656: 652: 645: 641: 637: 630: 623: 619: 595: 591: 585: 582: 579: 575: 571: 566: 561: 558: 555: 552: 548: 544: 539: 536: 533: 530: 526: 518: 517: 516: 514: 509: 505: 503: 499: 495: 491: 472: 469: 458: 451: 435: 415: 370: 367: 356: 333: 330: 319: 295: 289: 286: 273: 269: 262: 251: 248: 235: 231: 221: 213: 209: 197: 194: 181: 177: 167: 159: 155: 143: 140: 127: 123: 109: 108: 107: 105: 101: 93: 92:inferior good 89: 85: 81: 80:income effect 77: 74: 70: 69: 68: 66: 65:income effect 62: 57: 53: 52:income effect 49: 44: 42: 38: 34: 33:Eugen Slutsky 30: 26: 22: 6020: 6005: 5993: 5985: 5973: 5965: 5954: 5946: 5937: 5931: 5892:Giffen Goods 5851: 5848:Giffen goods 5843: 5600: 5034: 4513: 4393: 4025: 4022: 3706: 3581: 3468: 3349: 3152: 2774: 2543: 1944: 1942: 1792: 1741: 1733: 1726: 1724: 1566: 1558: 1291: 1012: 1008: 1004: 1000: 866: 850: 844:Normal goods 780: 768: 764: 752:normal goods 749: 738: 659: 654: 647: 643: 632: 625: 614: 612: 510: 506: 501: 497: 493: 489: 311: 103: 99: 97: 88:normal good 45: 28: 24: 18: 5902:Normal good 5854:Giffen good 2606:, that is, 2586:and income 1742:The matrix 6028:Categories 6017:References 5923:References 863:Derivation 513:elasticity 6044:Equations 5980:, p. 121. 5814:Δ 5788:Δ 5760:∂ 5745:∂ 5735:− 5717:Δ 5701:∂ 5686:∂ 5667:Δ 5651:∂ 5636:∂ 5625:≈ 5612:Δ 5568:Δ 5551:Δ 5540:⋅ 5513:∂ 5498:∂ 5474:∂ 5459:∂ 5433:∂ 5418:∂ 5394:∂ 5379:∂ 5365:− 5344:Δ 5327:Δ 5316:⋅ 5292:∂ 5277:∂ 5256:∂ 5241:∂ 5218:∂ 5203:∂ 5182:∂ 5167:∂ 5153:≈ 5132:Δ 5115:Δ 5074:Δ 5044:Δ 4996:∂ 4981:∂ 4957:∂ 4942:∂ 4916:∂ 4901:∂ 4877:∂ 4862:∂ 4848:− 4824:∂ 4809:∂ 4788:∂ 4773:∂ 4750:∂ 4735:∂ 4714:∂ 4699:∂ 4661:∂ 4646:∂ 4625:∂ 4610:∂ 4587:∂ 4572:∂ 4551:∂ 4536:∂ 4429:− 4345:− 4275:∂ 4260:∂ 4238:∂ 4223:∂ 4201:∂ 4186:∂ 4144:∂ 4126:∂ 3978:− 3952:− 3933:− 3919:− 3901:− 3862:− 3846:− 3827:∂ 3812:∂ 3752:− 3734:− 3666:− 3650:− 3631:∂ 3616:∂ 3541:− 3308:− 3278:− 3256:∂ 3241:∂ 3235:− 3219:∂ 3204:∂ 3182:∂ 3167:∂ 3111:− 3036:− 3007:∂ 2992:∂ 2970:∂ 2955:∂ 2933:∂ 2918:∂ 2694:σ 2515:∂ 2483:∂ 2434:∂ 2402:∂ 2394:⋯ 2383:∂ 2351:∂ 2302:∂ 2270:∂ 2260:⋮ 2255:⋱ 2250:⋮ 2237:∂ 2205:∂ 2156:∂ 2124:∂ 2116:⋯ 2105:∂ 2073:∂ 2024:∂ 1992:∂ 1907:∂ 1875:∂ 1806:σ 1704:⊤ 1645:− 1328:∂ 1303:∂ 1263:∂ 1238:∂ 1232:⋅ 1206:∂ 1157:∂ 1135:∂ 1086:∂ 1064:∂ 1032:∂ 709:Δ 688:Δ 672:Δ 576:ε 572:− 549:ε 527:ε 260:∂ 228:∂ 222:− 206:∂ 174:∂ 152:∂ 120:∂ 5861:See also 855:and the 642:of good 2771:Example 1551:is the 995:is the 6034:Demand 3582:where 2850:and 1725:where 1514:where 999:, and 958:where 646:, and 613:where 312:where 90:or an 82:: the 50:, and 23:, the 2544:When 5066:and 3772:and 1943:The 1007:and 638:the 27:(or 4432:.21 4351:.21 3984:.21 3936:.21 3865:1.3 3849:.21 3669:1.3 3653:.21 3314:.49 3284:.21 3117:.21 1383:by 785:or 635:w,i 78:an 19:In 6030:: 5852:A 4323:.3 4305:.7 3922:.3 3904:.7 3880:.3 3755:.3 3737:.7 3684:.3 3559:.3 3544:.3 3528:.7 3451:.7 3358:.7 3089:.7 3071:.7 3042:.7 2871:.3 2820:.7 2767:. 1826::= 830:- 810:+ 657:. 624:, 515:: 106:: 71:a 5828:) 5822:2 5818:p 5809:2 5805:x 5801:+ 5796:1 5792:p 5783:1 5779:x 5774:( 5769:) 5763:w 5753:1 5749:x 5739:( 5731:) 5725:2 5721:p 5709:2 5705:p 5694:1 5690:h 5680:+ 5675:1 5671:p 5659:1 5655:p 5644:1 5640:h 5629:( 5620:1 5616:x 5584:] 5576:2 5572:p 5559:1 5555:p 5545:[ 5535:] 5527:2 5523:x 5516:w 5506:2 5502:x 5488:1 5484:x 5477:w 5467:2 5463:x 5447:2 5443:x 5436:w 5426:1 5422:x 5408:1 5404:x 5397:w 5387:1 5383:x 5370:[ 5360:] 5352:2 5348:p 5335:1 5331:p 5321:[ 5311:] 5300:2 5296:p 5285:2 5281:h 5264:1 5260:p 5249:2 5245:h 5226:2 5222:p 5211:1 5207:h 5190:1 5186:p 5175:1 5171:h 5158:[ 5148:] 5140:2 5136:x 5123:1 5119:x 5109:[ 5082:2 5078:p 5052:1 5048:p 5018:] 5010:2 5006:x 4999:w 4989:2 4985:x 4971:1 4967:x 4960:w 4950:2 4946:x 4930:2 4926:x 4919:w 4909:1 4905:x 4891:1 4887:x 4880:w 4870:1 4866:x 4853:[ 4843:] 4832:2 4828:p 4817:2 4813:h 4796:1 4792:p 4781:2 4777:h 4758:2 4754:p 4743:1 4739:h 4722:1 4718:p 4707:1 4703:h 4690:[ 4685:= 4680:] 4669:2 4665:p 4654:2 4650:x 4633:1 4629:p 4618:2 4614:x 4595:2 4591:p 4580:1 4576:x 4559:1 4555:p 4544:1 4540:x 4527:[ 4491:2 4487:p 4466:) 4461:2 4457:p 4451:1 4447:p 4443:( 4439:/ 4435:w 4407:2 4403:p 4374:2 4370:p 4364:1 4360:p 4354:w 4342:= 4335:2 4331:p 4326:w 4313:1 4309:p 4300:+ 4297:0 4294:= 4289:2 4285:x 4278:w 4268:1 4264:x 4254:+ 4246:2 4242:p 4231:1 4227:x 4217:= 4209:2 4205:p 4194:1 4190:h 4160:0 4157:= 4152:2 4148:p 4140:/ 4134:1 4130:x 4106:, 4103:) 4100:w 4097:, 4092:2 4088:p 4084:, 4079:1 4075:p 4071:( 4066:1 4062:x 4039:2 4035:p 4008:, 4001:2 3996:1 3992:p 3987:w 3975:= 3970:0 3965:2 3961:p 3955:2 3947:1 3943:p 3939:w 3930:= 3927:) 3914:2 3910:p 3896:1 3892:p 3888:w 3885:( 3875:2 3871:p 3857:1 3853:p 3843:= 3835:1 3831:p 3820:1 3816:h 3786:v 3783:= 3780:u 3760:, 3747:2 3743:p 3729:1 3725:p 3721:w 3718:= 3715:v 3692:, 3689:u 3679:2 3675:p 3661:1 3657:p 3647:= 3639:1 3635:p 3624:1 3620:h 3590:u 3567:, 3564:u 3554:2 3550:p 3536:1 3532:p 3525:= 3522:) 3519:u 3516:, 3511:2 3507:p 3503:, 3498:1 3494:p 3490:( 3485:1 3481:h 3454:w 3448:= 3443:1 3439:q 3433:1 3429:p 3406:1 3402:p 3379:2 3374:1 3370:p 3365:/ 3361:w 3331:2 3326:1 3322:p 3317:w 3301:2 3296:1 3292:p 3287:w 3275:= 3270:1 3266:x 3259:w 3249:1 3245:x 3227:1 3223:p 3212:1 3208:h 3198:= 3190:1 3186:p 3175:1 3171:x 3134:2 3129:1 3125:p 3120:w 3108:= 3101:1 3097:p 3092:w 3079:1 3075:p 3066:+ 3059:2 3054:1 3050:p 3045:w 3033:= 3028:1 3024:x 3015:1 3011:w 3000:1 2996:x 2986:+ 2978:1 2974:p 2963:1 2959:x 2949:= 2941:1 2937:p 2926:1 2922:h 2892:. 2887:2 2883:p 2878:/ 2874:w 2868:= 2863:2 2859:x 2836:1 2832:p 2827:/ 2823:w 2817:= 2812:1 2808:x 2787:w 2751:) 2748:u 2745:, 2741:p 2737:( 2734:e 2711:) 2708:u 2705:, 2701:p 2697:( 2674:) 2671:w 2668:, 2664:p 2660:( 2657:S 2637:) 2634:w 2631:, 2627:p 2623:( 2620:v 2617:= 2614:u 2594:w 2573:p 2552:u 2528:) 2518:w 2510:) 2507:w 2504:, 2500:p 2496:( 2491:n 2487:x 2477:) 2474:w 2471:, 2467:p 2463:( 2458:n 2454:x 2450:+ 2442:n 2438:p 2429:) 2426:w 2423:, 2419:p 2415:( 2410:n 2406:x 2386:w 2378:) 2375:w 2372:, 2368:p 2364:( 2359:n 2355:x 2345:) 2342:w 2339:, 2335:p 2331:( 2326:1 2322:x 2318:+ 2310:1 2306:p 2297:) 2294:w 2291:, 2287:p 2283:( 2278:n 2274:x 2240:w 2232:) 2229:w 2226:, 2222:p 2218:( 2213:1 2209:x 2199:) 2196:w 2193:, 2189:p 2185:( 2180:n 2176:x 2172:+ 2164:n 2160:p 2151:) 2148:w 2145:, 2141:p 2137:( 2132:1 2128:x 2108:w 2100:) 2097:w 2094:, 2090:p 2086:( 2081:1 2077:x 2067:) 2064:w 2061:, 2057:p 2053:( 2048:1 2044:x 2040:+ 2032:1 2028:p 2019:) 2016:w 2013:, 2009:p 2005:( 2000:1 1996:x 1982:( 1978:= 1975:) 1972:w 1969:, 1965:p 1961:( 1958:S 1926:] 1915:j 1911:p 1902:) 1899:u 1896:, 1892:p 1888:( 1883:i 1879:h 1866:[ 1861:= 1858:) 1855:u 1852:, 1848:p 1844:( 1840:h 1835:p 1831:D 1823:) 1820:u 1817:, 1813:p 1809:( 1779:) 1776:u 1773:, 1769:p 1765:( 1761:h 1756:p 1752:D 1736:w 1734:D 1729:p 1727:D 1709:, 1700:) 1696:w 1693:, 1689:p 1685:( 1681:x 1677:) 1674:w 1671:, 1667:p 1663:( 1659:x 1654:w 1650:D 1642:) 1639:u 1636:, 1632:p 1628:( 1624:h 1619:p 1615:D 1610:= 1607:) 1604:w 1601:, 1597:p 1593:( 1589:x 1584:p 1580:D 1555:, 1539:) 1536:w 1533:, 1529:p 1525:( 1522:v 1502:, 1499:) 1496:w 1493:, 1489:p 1485:( 1480:j 1476:x 1472:= 1469:) 1466:) 1463:w 1460:, 1456:p 1452:( 1449:v 1446:, 1442:p 1438:( 1433:j 1429:h 1425:= 1422:) 1419:u 1416:, 1412:p 1408:( 1403:j 1399:h 1371:) 1368:u 1365:, 1361:p 1357:( 1352:j 1348:h 1344:= 1336:j 1332:p 1323:) 1320:u 1317:, 1313:p 1309:( 1306:e 1288:. 1271:j 1267:p 1258:) 1255:u 1252:, 1248:p 1244:( 1241:e 1226:) 1223:u 1220:, 1216:p 1212:( 1209:e 1201:) 1198:) 1195:u 1192:, 1188:p 1184:( 1181:e 1178:, 1174:p 1170:( 1165:i 1161:x 1151:+ 1143:j 1139:p 1130:) 1127:) 1124:u 1121:, 1117:p 1113:( 1110:e 1107:, 1103:p 1099:( 1094:i 1090:x 1080:= 1072:j 1068:p 1059:) 1056:u 1053:, 1049:p 1045:( 1040:i 1036:h 1015:j 1013:p 1009:w 1005:p 1001:u 983:) 980:u 977:, 973:p 969:( 966:e 946:) 943:) 940:u 937:, 933:p 929:( 926:e 923:, 919:p 915:( 910:i 906:x 902:= 899:) 896:u 893:, 889:p 885:( 880:i 876:h 722:l 717:1 713:x 706:+ 701:s 696:1 692:x 685:= 680:1 676:x 655:j 650:j 648:b 644:i 633:ε 628:p 626:ε 617:p 615:ε 596:j 592:b 586:i 583:, 580:w 567:h 562:j 559:i 556:, 553:p 545:= 540:j 537:i 534:, 531:p 502:i 498:j 494:u 490:i 476:) 473:w 470:, 466:p 462:( 459:v 436:u 416:w 395:p 374:) 371:w 368:, 364:p 360:( 357:x 337:) 334:u 331:, 327:p 323:( 320:h 296:, 293:) 290:w 287:, 283:p 279:( 274:j 270:x 263:w 255:) 252:w 249:, 245:p 241:( 236:i 232:x 214:j 210:p 201:) 198:u 195:, 191:p 187:( 182:i 178:h 168:= 160:j 156:p 147:) 144:w 141:, 137:p 133:( 128:i 124:x 104:j 100:i 94:.

Index

microeconomics
Eugen Slutsky
Marshallian (uncompensated) demand
Hicksian (compensated) demand
substitution effect
income effect
substitution effect
substitution effect
income effect
substitution effect
income effect
purchasing power
normal good
inferior good
indirect utility function
elasticity
price elasticity
income elasticity
substitution effect
income effect
normal goods
purchasing power
purchasing power
substitution effect
income effect
substitution effect
income effect
Substitute goods
Substitute goods
Inferior goods

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