Income And Substitution Effects: Graphical Analysis For Intermediate Microeconomics
Abstract
The graphical analysis of the income and substitution effects is an important part of consumer theory that is commonly taught at the level of intermediate microeconomics. Few textbooks, however, devote much discussion of these effects for perfect substitutes. The purpose of this paper is to fill that gap by producing a more complete graphical analysis of the subject matter and thereby enhance student learning.
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