Textbook Notes (368,012)
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ECON 2310 (47)
B Ferguson (11)
Chapter 6

Chapter 6- From Demand to Welfare.pdf

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Department
Economics
Course
ECON 2310
Professor
B Ferguson
Semester
Fall

Description
Chapter 6- From Demand to Welfare September 29, 2013 12:41 PM Definitions Uncompensated Price Change- consists of a price change with no change in income Compensated Price Change- consists of a price change and an income change which leave the consumer's wellbeing unaffected Substitution Effect of a Price Change- the effect on consumption of a compensated price change Income Effect of a Price Change- the effect on consumption of removing compensation after creating a compensated price change Law of Demand- states that demand curves usually slope downward Giffen Good- a product is called a Giffen good if the amount purchased increases as the price rises Compensating Variation- the amount of money that exactly compensates the consumer for a change in circumstances Consumer Surplus- the net benefit a consumer receives from participating in the market for some good Cost of Living Index- measures the relative cost of achieving a fixed standard of living in different situations Nominal Income- the amount of money actually received in a particular period Real Income- the amount of money received in a particular period adjusted for changes in purchasing power that alter the
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