(M4E6) [Microeconomics] Finding Income and Substitution Effects: Hicks Decomposition Method

In this episode I describe how to find income and substitution effects according to Hicks Decomposition Method. After that I work on a numerical example that we used in the previous episode. I then compare and contrast our findings under Slutsky and Hicks decomposition methods. Important Note for Navigating Lecture Videos: Watching lecture videos with a proper order is important for effective learning. This is true because the concepts in each video is built over the ones that are introduced in “previous” videos. For this reason, I strongly recommend you watch the videos through playlists. Alternatively, you may visit my website for a recommended course outline. This recommended course outline offers an ordered list of lecture videos, which I follow in my Microeconomic theory courses. Depending on your interest and objectives, you may prefer to skip some of the videos. For more user-friendly navigation I’ve tagged each video in this list by “Inte