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7.2.3 income, substitution and price effects for normal, inferior and Giffen goods
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The two effects of a price change

The two effects of a price change

A change in the price of a good changes its quantity demanded through two separate channels: the substitution effect and the income effect. The total price effect is the combined result of both effects.

7.2.3 income, substitution and price effects for normal, inferior and Giffen goods Lesson

  1. Intl A Level
  2. /Economics
  3. /7.2.3 income, substitution and price effects for normal, inferior and Giffen goods

Step-by-step lessons on CIE Intl A Level Economics 7.2.3 income, substitution and price effects for normal, inferior and Giffen goods. Each one builds up to exam-style questions.