Duke Micro Econ Chapter 7

Income and Substitution effects are developed and explained in detail. Each graph is drawn while while Professor Nechyba explains the underlying Micro economics of Income and Substitution effects in a variety of circumstances such as whether or not the good which experiences the price change is a normal good, inferior good or Giffen good. The relative size of these effects is also considered depending on degree of substitutability, whether or not good is a necessity or luxury (as defined by how consumers respond to changes in income).

App contains 10 animated graphs with audio explanation by Professor Thomas Nechyba of Duke University. Uses can quickly access whichever animation or whichever portion of an animation they wish or play through each graph in its entirety.

App is useful for any College Level Micro Economics curriculum.

Developed in conjunction with Professor Thomas Nechyba for the Undergraduate Micro Economics curriculum, Department of Economics, Duke University, Durham, NC