> Almost every intermediate micro text spends a great deal of time on 
> income versus substitution effects.  ...  So is it 
> really worthwhile to learn this material?
> Alex

I turn the question around to ask what is there of significant value in
typical intermediate microeconomics courses other than for those who will
go on to graduate-school economics?  Offhand I can think of three
interesting and practical topics:

1. asset pricing and rates of return.
2. auctions.
3. demand revelation.

What else is there that is useful?

By the way, for those teaching intermediate micro, the
http://econ.aplia.com online problem sets now include it.

Fred Foldvary


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