Deriving Slutsky Equation: Part 1: What You need to Know

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In this video we pull out the "BIG GUNS": If you want to see how you can derive the Slutsky Equation, you need to review some high-powered math(for economists, anyway ☺): Lagrangians, total differentials, and Cramer's Rule. Here we set the stage for the next video where will will go through the derivation.