Chapter 7: Income and Substitution Effects in Consumer Goods Markets

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Income Effects for Inferior and Normal Goods     Voice-Over

- Optimal Choices under 2 Budget Constraints

Income Effects for Necessities and Luxuries     Voice-Over

- Optimal Choices under 2 Budget Constraints

The Impact of Changing Opportunity Costs on Behavior     Voice-Over

Substitution Effects in the Cayman Islands

Substitution Effects - How Large are Substitution Effects     Voice-Over

The Degree of Substitutability and the Size of Substitution Effects

Income and Substitution Effects     Voice-Over

when Gasoline is a Normal Good

Income and Substitution Effects when Gasoline is an Inferior Good     Voice-Over

Regular Inferior Goods and Giffen Goods

Income and Substitution Effects for Pants and Shirts     Voice-Over

Inferring the Type of Good from Observed Choices

Maximizing Utility with Budgets Fixed (a) versus Minimizing Expenditure with Utility Fixed (b)     Voice-Over

The Impact of Changing Opportunity Costs on Behavior

The Size of Substitution Effects and Elasticity of Substitution     Voice-Over

Different Elasticities of Substitution

Income and Substitution Effects when Tastes are Homothetic     Voice-Over

Price Changes: Income and Substitution Effects Combined