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Substitution Effect
- The substitution effect is change in an item's consumption associated with the change in the price of the item, level of utility held constant.
- When the price of item declines, substitution effect leads to an increase in the quantity of item demanded.
Income Effect
- The income effect is change in the consumption of an item brought by increase in purchasing power, with the price of item held constant.
- When income of person increases, the quantity demanded for product can increase or decrease.
- Even with inferior goods, the income effect is sufficiently large to outweigh the substitution effect.
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
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