What is the hardest topic in economics to teach? Right, the income and substitution effects. Struggling to understand the concept, back to my first year at FEUI, is one thing. Trying to make someone understand it, is another, much harder, thing.
Be prepared to common questions like, "What does it mean by taking away our income?" or "Why do we have this hypothetical budget line?"
Or even, "Why do you economists make life more complicated than it is?"
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