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Office Hours: Substitution and Income Effect
Автор: dmateer
Загружено: 2011-08-09
Просмотров: 27040
Описание:
In this video I discuss the how price changes can create two effects. The first, called the substitution effect, occurs when a price changes causes a consumer to switch products. The income effect has to do with how price changes alter the purchasing power of a fixed amount of income.
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