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Lecture 3: Income and Substitution Effects
Description
MIT 14.04 Intermediate Microeconomic Theory, Fall 2020
Instructor: Prof. Robert Townsend
View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/
YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqF
This lecture shows how to make predictions about the impact of price and income changes on households, and whether household welfare improves or deteriorates.
License: Creative Commons BY-NC-SA
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