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This is the form of Income Effect and Substitution Effect. Help me to check the form. and tell me if its correct or not. Income
This is the form of Income Effect and Substitution Effect. Help me to check the form. and tell me if its correct or not.
Income Effect and Substitution Effect | ||||||||
I.E. | S.E. | |||||||
Normal good | Price X | X | Y | X | Y | |||
P X | X | Y | X | Y | ||||
Neutral good | Price X | 0 | 0 | X | Y | |||
P X | 0 | 0 | X | Y | ||||
Inferior good | Price X | X | Y | X | Y | |||
P X | X | Y | X | Y | ||||
Giffen good | Price X | X | Y | X | Y | |||
P X | X | Y | X | Y |
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