What is the difference between Hicks and Slutsky? - ProProfs Discuss
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What is the difference between Hicks and Slutsky?

Asked by T. Lopez, Last updated: Jul 26, 2019

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2 Answers

E. Barnes

But Can you play this?

E. BarnesProfessional Gamer, Professional Gamer, Washington
Professional Gamer, Professional Gamer, Washington

Answered on Jul 26, 2019

Hicks and Slutsky may be confusing to people who have never tried to know more about microeconomics. If by any chance that you need to know more about this now, you should know that HIcks is the method that will be used when the consumer would need to be compensated for the amount that has already been used.

Slutsky is another method that will allow the rates that need to be paid for by the consumer to be greatly lessened. This means that the rates that the consumer needs would become affordable. These are methods usually considered by companies who would like to be noticed more by consumers. They also want to make sure that they will provide what their customers want.

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C. Wasek

Love to do some charity work. Have a passion for writing and do it in my spare time

C. WasekPhilanthropist, Post Graduate, Corpus Christi
Philanthropist, Post Graduate, Corpus Christi

Answered on Jul 22, 2019

There are some people who are a bit confused between the two. These are known to be methods that are being followed in microeconomics. There are businesses who are always looking into the type of impact that the economy will have on the various products and services that will be offered by the company.

Hicks will provide the type of compensation that will make sure that the utility level of the consumer will be restored. The Slutsky theory will make sure that the previous consumption of the consumer will become more affordable. These are theories that should be looked into by companies who would like to meet the demands of the consumers.

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