Brian O'Roark from Robert Morris University illustrates the income and substitution effects through the Slutsky and Hicks approaches.
Пікірлер: 77
@beatriztamayogutierrez76462 ай бұрын
This is the best video on youtube about the topic. Thank you so much. I appreciate your hard work to make the concepts accessible.
@VinishaJMulani9 жыл бұрын
phantom budget line has changed our lives - thanks so much brian
@ipeters6110 жыл бұрын
I thought I was never going to understand this in class. Thanks for the video!
@Sarianna243 жыл бұрын
just like that all my worries went away. Thank you
@411vmskateboards9 жыл бұрын
Thank you so much for this, I was stuck on this concept for such a long time but you really helped me out!
@ynzsbstn7 жыл бұрын
I speak spanish but found your explaniation way more understable than spanish ones. thank you!
@chibuzochilaka47989 жыл бұрын
You've done a fantastic job here. You are educating many through your talent. Thanks and God bless.
@zc82158 жыл бұрын
ssssstay on the sssssame indifference curve for the sssssubstitutiton effect for the hicksssss method gotem
@hafshapiasheridan91753 жыл бұрын
Thank you so much! You helped me a lot with understanding both of these concepts in only under 12 minutes!
@KhalilHomaam10 жыл бұрын
in last two minutes sssame and ssssubstitution effects sound very entertaining, I will really enjoy your classes ! Hahaha
@sidd24689 жыл бұрын
thank you thank you thank you....different youtube videos were showing different approaches and I was all confused, not sure what is the right approach, not sure which video is right but thanks to you I now know that there are 2 approaches and both are correct.......
@matts158 жыл бұрын
Yep! much clearer now! thanks Brian!
@berenicebajoleyva673511 жыл бұрын
Hello Hoàng Long Võ, The net substition effect is always inverse to the change in the price. The cheaper a good becomes, the more we consume of it.
@Tacticalgamer20114 жыл бұрын
Thank You so much Sir.. You explained really well.. I've an exam in two days and this will help me a lot!!!! Thanks Again.. :D
@unidentfd_user11 жыл бұрын
thanks a lot, it's much easier to understand you than my book :)
@Postejim11 жыл бұрын
Very nice video, I always get stuck determining whether it's an income or substitution effect. I believe consuming more of x1 as Px1 decreases should be called the income effect, as you now have more income to purchase more of x1. And likewise as you move to your higher indifference curve (IC2) you are now consuming more of x2 (substituting consumption of x1 for x2). This just makes more sense to me.
@abdeslambam47248 жыл бұрын
i'm from morocco and this was very helpful sir ty so much
@KhalilHomaam10 жыл бұрын
You had a big whiteboard, you could accommodate both of these graphs very easily. Anyways this is a good video for understanding the concepts. Thanks
@sophiak41087 жыл бұрын
thanks, your explanation is very clear and helpful!
@fatimaosman85847 жыл бұрын
Thank you very much.. this has been very helpful!! you are a great prof!
@parthchougule90972 жыл бұрын
Excellent!
@MosesTan1687 жыл бұрын
Hi! This video is extremely helpful! Really grateful to the Brian for posting this. Can anyone help me understand further? The phantom budget constraint, is it keeping the same new price ratios under the old budget?
@MosesTan1687 жыл бұрын
Okay to just answer my question: Since the phantom budget constraint passes through the original bundle/ the original bundle is on the phantom budget constraint this means that the old budget constraint's purchasing power is maintained, under the new price ratio.
@DinaraRaRa8 жыл бұрын
Great explanation! Thank you very much!
@rebel69rebel11 жыл бұрын
Thank you so much from Spain! Very helpful!
@Emilia-fq6dp4 жыл бұрын
Great video! I have finally understood this. Thank you :)
@chhandacharankothari37552 жыл бұрын
Nicely explained
@Kin9710226 жыл бұрын
Thank you very much.
@idean56622 жыл бұрын
thank you king !
@jfene7212 жыл бұрын
excellent explanation ... thanks
@bartoszgiemza9524 жыл бұрын
Great explanation! Thank You sooo much! :)
@dikshajain2667 жыл бұрын
Very clear explanation! Thanks a ton for this :)
@TheKangoeroe9 жыл бұрын
Hi, If we are talking about perfect substitutes or perfect complements, does an income/substitute effect occur?
@soyouknowit9 жыл бұрын
Well explained. Thank you so much!
@aug0734 жыл бұрын
thanks from brazil
@juliofournier864410 жыл бұрын
great, thanks
@felipelourido80749 жыл бұрын
Great video !! thank you so much for helping me understand this!!
@tatamigalaxy34739 жыл бұрын
You are a saviour!!
@NeerajKumar-xq3ih8 жыл бұрын
what is the difference between compensating variation in income and cost difference
@Krixxization10 жыл бұрын
great explanation. Thanks!
@tausal17 жыл бұрын
Thank you so much!
@sirslaughter007 жыл бұрын
What is the point of using subscripts if you don't even use them to differentiate between points. Also why use x1 and x2 instead of x and y
@vegasastras53675 жыл бұрын
Thanks mate you well certaintly be a lecturer in any univercity in the world, not like some which a tually are! Could you do the same graph explanation on income substitution effect on labour supply when tax on wage increases please. Subscribed and liked.
@aparnagohad9 жыл бұрын
so clear...so easy nowwwww.... many thxxxxxxx
@niteshtak129 жыл бұрын
Nicely explained...thanks
@Tina-bb4hz9 жыл бұрын
Finally! I get it! Many thanks.
@tingtingzhu8249 жыл бұрын
Great video~helps me a lot
@mirityuy9 жыл бұрын
Thank you soo so much, you were extremely helpful!
@hoanglongvo507711 жыл бұрын
hey guys, just one question: is there any case in which we have a normal good, but when the price of that good change, the sub and the income effects move in the opposite direction?
@PovilasRut10 жыл бұрын
Thank you very much, explained everything
@AlonzoEchavarriaGarza9 жыл бұрын
I need help. I would like to know the different ways I can derive the Utility function if I have budget constraints, prices and quantities.
@fluffyangelzx9 жыл бұрын
How do we determine where the new bundle will be at on the new budget line? Does it depend on whether its a normal or inferior good? Also, how do we compare hicksian and slutsky in a single graph?
@bamfinsm9 жыл бұрын
wisterias yes it depends if x is a normal or an inferior good and if you want to compare slutsky and hicks, you can approach by setting the utility functions as homothetic. But just take note different approaches create different outcomes :)
@KelvinWKiger9 жыл бұрын
Thank you soo much !
@martinaamui51176 жыл бұрын
Really good explanation! but what about the changes on the y axis?
@muguku7 жыл бұрын
erokamano meaning thank you so much
@kamransafarli6 жыл бұрын
Thanks a lot!
@tildabegede32806 жыл бұрын
Well explained
@huansunny856310 жыл бұрын
Thank you!!!
@radhikacommunityofeconomic53967 жыл бұрын
tnks
@RACV158 жыл бұрын
THANKS!
@harunavongjenyaknan60166 жыл бұрын
superb
@HemaSankarG10 жыл бұрын
thank you. so helpful
@dirkneuhauser821310 жыл бұрын
thanks, that really clarified.
@esraozturk926910 жыл бұрын
nice video finally I understand . Thank uuu:)
@gulsonkumarpadhy5446 жыл бұрын
sir what is hicksian concept of Consumer's surplus
@1slipknotbreak12 жыл бұрын
thanks :D n can u please explain the revealed preference theory
@komsinica8812 жыл бұрын
this is exellent.thank u :)
@monikapanjiyar4708 жыл бұрын
thank you :)
@Karenvskarip8 жыл бұрын
thank you so much(:
@naitikgreyman11 жыл бұрын
Super fuckin awesome,understood everything
@nidakhan55938 жыл бұрын
helped :)
@srijansaxena36778 жыл бұрын
Thank You so much Sir.. You explained really well.. I've an exam in two days and this will help me a lot!!!! Thanks Again.. :D
@user-xs1ie1ki4q9 жыл бұрын
thank u~~so clear and helps a lot!!!!
@srijansaxena36778 жыл бұрын
Thank You so much Sir.. You explained really well.. I've an exam in two days and this will help me a lot!!!! Thanks Again.. :D