Explain the differences of marshallian hicksian slutsky


Suppose that there are two goods.

(1) Explain the differences of Marshallian, Hicksian, Slutsky demand curves. You can explain verbally or you can use the graphs.

(2) Suppose that the price of good 2 increases from the initial prices. Explain Slutsky substitution effect and Hicksian substitution effect in the graphs.

(3) Can you compare the slopes of Hicksian demand curve, Marshallian demand curve, and Slutsky demand curve at a point they intersect, if good 2 is a normal good? If so, what are the differences?

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Business Economics: Explain the differences of marshallian hicksian slutsky
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