“Pic Adam and Kim are students. Kim is a vegetarian but Adam likes chicken though he
considers it to be an inferior good. lfthe price of chicken falls illustrate and explain the
income and substitution effects that may arise for Adam and Kim.
How to teach income and substitution effects, http://econlog.econlib.org/archives/2014/09
how_to_teach_th.html (last accessed 2oth September 2014)
Jensen R T 8t Miller N H (2007) Giffen Behavior: theory and evidence, NBER Working Papers, 13243. July.
Komlos J (2014) Sticky prices and behavioural indifference Curves, VoxEu, 24th July, Available at http://www.voxeu.org Masagefrom Sam X
artiale/sticky-prices-and-behavioural-indifference-curves (last accessed 2oth September 2014) 0
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Description: Pls don’t use sources outside the provided. Pls use diagrams.
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