Tài liệu tham khảo Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh gồm 41 phần giúp sinh viên khoa kinh tế học tốt môn Kinh tế vi mô. Tài liệu này là phần 9 giới thiệu về " Phương trình Slutsky - Slutsky Equation " | CHAPTER O SLUTSKY EQUATION Economists often are concerned with how a consumer s behavior changes in response to changes in the economic environment. The case we want to consider in this chapter is how a consumer s choice of a good responds to changes in its price. It is natural to think that when the price of a good rises the demand for it will fall. However as we saw in Chapter 6 it is possible to construct examples where the optimal demand for a good decreases when its price falls. A good that has this property is called a Giffen good. Giffen goods are pretty peculiar and are primarily a theoretical curiosity but there are other situations where changes in prices might have perverse effects that on reflection turn out not to be so unreasonable. For example we normally think that if people get a higher wage they will work more. But what if your wage went from 10 an hour to 1000 an hour Would you really work more Might you not decide to work fewer hours and use some of the money you ve earned to do other things What if your wage were 1 000 000 an hour Wouldn t you work less For another example think of what happens to your demand for apples when the price goes up. You would probably consume fewer apples. But THE SUBSTITUTION EFFECT 137 how about a family who grew apples to sell If the price of apples went up their income might go up so much that they would feel that they could now afford to consume more of their own apples. For the consumers in this family an increase in the price of apples might well lead to an increase in the consumption of apples. What is going on here How is it that changes in price can have these ambiguous effects on demand In this chapter and the next we ll try to sort out these effects. The Substitution Effect When the price of a good changes there are two sorts of effects the rate at which you can exchange one good for another changes and the total purchasing power of your income is altered. If for example good 1 becomes cheaper it .
