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Description Of Income And Substitution Effects Using Slutsky Identity, Julius N. Esunge, Dali Magrakvelidze
Description Of Income And Substitution Effects Using Slutsky Identity, Julius N. Esunge, Dali Magrakvelidze
Mathematics
In the paper we describe how income and price changes affect consumer's decision making using the Slutsky Identity. We also investigate economical meaning of curve turn-movements of consumer's budget. For analyzing the changes of consumer's choice we are using two step movements (turn, then parallel movement) of budget curve.