Consumer Welfare: Compensating Variation & Equivalent Variation

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The concepts and calculations of compensating and equivalent variation are made relatively easy by examining a numerical example using a utility function of the form U = min(x, 2y).
  1. Economics in Many Lessons
  2. consumer utility
  3. compensating variation
  4. equivalent variation
  5. perfect complements
  6. consumer welfare
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Комментарии
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This was one of the most clear explanation ever! Other videos were all about the graphs and I am not a visual learner... This was super logical and now it makes so much more sense thanks!

periodt
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My teacher used this exact example in her exam, tnx dude

maaw
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very good explanation, helped very well, thanks

saheerpm
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Very nice Video, explained it better than my Prof, thank you!

questionyourself
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my professor uses the lagrangian method to do this... will both your method and my professors work to achieve the same result?

amymantilla
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Love your videos, but this might have been more useful if discussed in a setting of risk or a gamble situation. Keep it up!

shehryar