Tags
#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4

Question
What’s left of his response must be due to the [...] effect. So, we say that the [...] effect is shown by the move from point a to point b.

If his [...] were then restored, the resulting movement from point b to point c must be the [...]
substitution

substitution

income reduction

income effect.

Tags
#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4

Question
What’s left of his response must be due to the [...] effect. So, we say that the [...] effect is shown by the move from point a to point b.

If his [...] were then restored, the resulting movement from point b to point c must be the [...]
?

Tags
#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4

Question
What’s left of his response must be due to the [...] effect. So, we say that the [...] effect is shown by the move from point a to point b.

If his [...] were then restored, the resulting movement from point b to point c must be the [...]
substitution

substitution

income reduction

income effect.
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Substitution effect and income effect
reduction. If the income reduction is just sufficient to leave him no better or morse than before the price change, we have removed the real income effect of the decrease in price. What’s left of his response must be due to the <span>substitution effect . So, we say that the substitution effect is shown by the move from point a to point b. If his income reduction were then restored, the resulting movement from point b to point

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