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Income and Substitution Effects: Graphical Analysis for Intermediate Microeconomics

Author

Listed:
  • Ambrose Leung
  • Maureen McGregor
  • Justin Chesney

Abstract

The graphical analysis of the income and substitution effects is an important part of consumer theory that is commonly taught at the level of intermediate microeconomics. Few textbooks, however, devote much discussion of these effects for perfect substitutes. The purpose of this paper is to fill that gap by producing a more complete graphical analysis of the subject matter and thereby enhance student learning.

Suggested Citation

  • Ambrose Leung & Maureen McGregor & Justin Chesney, 2014. "Income and Substitution Effects: Graphical Analysis for Intermediate Microeconomics," Journal for Economic Educators, Middle Tennessee State University, Business and Economic Research Center, vol. 14(1), pages 97-107, Fall.
    • Handle: RePEc:mts:jrnlee:v:14:y:2014:i:1:p:97-107
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    File URL: http://capone.mtsu.edu/jee/2014/P97toP107-MS713.pdf
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    Citations

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    Cited by:

    1. Julien Picault, 2016. "Inconsistencies in Textbook Presentation of Substitution and Income Effects," International Journal of Teaching and Education, International Institute of Social and Economic Sciences, vol. 4(3), pages 7-15, September.
    2. Keun Hee Lee & Mali Abdollahian & Sergei Schreider & Sona Taheri, 2023. "Supply Chain Demand Forecasting and Price Optimisation Models with Substitution Effect," Mathematics, MDPI, vol. 11(11), pages 1-28, May.

    More about this item

    Keywords

    consumer theory; income effect; substitution effect;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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