Office Hours: Substitution and Income Effect
In this video I discuss the how price changes can create two effects. The first, called the substitution effect, occurs when a price changes causes a consumer to switch products. The income effect has to do with how price changes alter the purchasing power of a fixed amount of income. See more videos and economics learning resources at www.dirkmateer.com!
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April 4, 1997 www.amazon.com Watch the full program: thefilmarchived.blogspot.com The Internet is a global system of interconnected computer networks that use the standard Internet Protocol Suite (TCP/IP) to serve billions of users worldwide. It is a network of networks that consists of millions of private, public, academic, business, and government networks, of local to global scope, that are linked by a broad array of electronic and optical networking technologies. The Internet carries a vast range of information resources and services, such as the inter-linked hypertext documents of the World Wide Web (WWW) and the infrastructure to support electronic mail. Most traditional communications media including telephone, music, film, and television are being reshaped or redefined by the Internet. Newspaper, book and other print publishing are having to adapt to Web sites and blogging. The Internet has enabled or accelerated new forms of human interactions through instant messaging, Internet forums, and social networking. Online shopping has boomed both for major retail outlets and small artisans and traders. Business-to-business and financial services on the Internet affect supply chains across entire industries. The origins of the Internet reach back to the 1960s with both private and United States military research into robust, fault-tolerant, and distributed computer networks. The funding of a new US backbone by the National Science Foundation, as well as private funding …
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