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Slutsky Theorem - Mathematical Presentation:
We already know from the first order conditions of utility Maximisation that,
where Dij is the co-factor of the ith row and jth column of the determinant |D|. For income effect we know dp1=dp2=0, therefore we have from equation (h),
Now for own price effect we have dM=dp2=0. So from equation (h) we get,
Lastly, to find out own substitution effect we consider utility is constant in terms of income so, -dM+x1dp1+x2dp2=0 and dp2=0. We have from equation
use a graphical illustration to briefly describe what the influence of an increase in immigrants would be on the market supply of labour
solution for -calculate price elasticity of demand for demand function Q= 10 - 2p for decrease in price from Rs. 3 to Rs.2
what are the forecasting techniques
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
Define Nash equilibrium
Market research has revealed the following information about the market for chocolate bars: The demand schedule can be represented by the equation QD= 1,600-300P, where QD is the q
Explain the meaning of the statment "coffee and tea are close substitutes".
a curve on a graph shows the relationship between apartment rent in a town and the quantitiy of apartments that people want at each rent. A new industry enters the town and the pop
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What is the theory of Second Best? Prove the theorem with the help of a diagram.
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