iDistinguish between any four of the following:i. Income effect an

Question

iDistinguish between any four of the following:

i. Income effect and substitution effect
ii. General equilibrium and partial equilibrium
iii. Demand and Demand function
iv. Independent and dependent variables
v. Consumption function and Investment function

11 Sep 2024

Answer :

Word Count : 997

i. Income Effect vs. Substitution Effect

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Aspect	Income Effect	Substitution Effect
Definition	Change in quantity demanded of a good due to a change in consumer income while keeping prices constant.	Change in quantity demanded of a good due to a change in the price of that good relative to other goods.
Focus	Primarily concerned with the impact of changes in income on consumption.	Focuses on how changes in the price of a good influence the quantity demanded by making the good more or less attractive relative to alternatives.
Example	If income increases, a consumer may buy more of all goods, including luxury items.	If the price of coffee decreases, coffee becomes cheaper relative to tea, leading to increased consumption of coffee.
Impact on Budget	Affects the overall budget constraint by shifting the consumer’s income line.	Affects the slope of the budget constraint, changing the rate at which one good can be substituted for another.