2-18-09 - Microeconomics Class Notes 2/18/09 Quiz Perfect...

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Microeconomics – Class Notes – 2/18/09 Quiz Perfect substitutes – trade between goods at a constant We are not going to do the expenditure function We do not need to know how to calculate the actual values for income and substitution effect For perfect substitutes – either ALL income effect OR ALL substitution effect For perfect complements – always ALL income effect I always want to consume MORE or LESS of both, but never substitute between them HOMEWORK: Study Guide (#1-4, 6-10, 12-15) from Chapter #4 In chapter 4 – NOT calculating actual values for income and substitution effect
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This note was uploaded on 06/03/2009 for the course ECON 200 taught by Professor Nonnenmacher during the Spring '09 term at Allegheny.

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2-18-09 - Microeconomics Class Notes 2/18/09 Quiz Perfect...

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