LectureNote 6 DemandF unctions: IncomeEffects ...
– some goods are inferior x 1 inferior x 1 normal Spring 2001 Econ 11-Lecture 6 12 “Hicks” vs. “Slutsky” • The “Hicks” substitution effect holds utility constant – rotate along the indifference curve • The “Slutsky” substitution effect holds purchasing power constant – … ................
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