Chapter Eight Slutsky Equation. Effects of a Price Change u What happens when a commoditys price decreases? –Substitution effect: the commodity is relatively.
Chapter Eight Slutsky Equation. Effects of a Price Change u What happens when a commodity’s price decreases? –Substitution effect: the commodity is relatively.
Chapter Eight Slutsky’s Equation. Effects of a Price Change u What happens when the price of a commodity decreases? u First, the commodity becomes relatively.
