Kumar aniket 29 may 20 hicksian demand function and shepard s lemma. The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good with price is unique. In this video im going to show how we can derive hicksian compensated demand function by following method. Read to find out causes and cures of economic crisis. More than 2000 free ebooks to read or download in english for your computer, smartphone, ereader or tablet. Financial econometrics is only made possible by the. The typical introductory economics textbook teaches that economics is a value free science. Minimise expenditure subject to a constant utility level. The theory of production, history of economic thought books, mcmaster. Shephards lemma is a major result in microeconomics having applications in the theory of the. You may also find other free books that interest you. Deriving hicksian compensated demand function youtube. Using the shephards lemma to obtain demand functions.
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