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EC311 · Intermediate Microeconomics

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EC311 / TOPIC 07

3.3 Hicks and compensated demand

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How does Hicks isolate a price effect while preserving original utility?

Top-down scene with coffee, a wallet, a notebook, and several curves crossing a dashed line at an orange point
VISUAL NOTE · Consumer choice Compensate to hold utility constant

How much income maintains the same utility after prices change?

EC311 / GRAPHTry changing a value
  1. 01Predict
  2. 02Try
  3. 03Explain
  4. 04Challenge

How does a price change pivot the budget?

Illustrative model numbers, not Thailand or current economic data.

When the X price rises with income and the Y price fixed, how does chosen X change in this example?