Substitution & Income Effect ·
Two Channels Behind Every Price Change
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.com · Slutsky decomposition · ∂q/∂p = ∂q^h/∂p − q·∂q/∂I
Price of X
$4
Stage
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Beat
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Budget line
Indifference curve U₁ / U₂
Substitution leg (A → B)
Income leg (B → C)
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.com · Substitution & Income Effect