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A consumer has utility function given by u(x_1, x_2) = Squarerootx_1x_2. Suppose the price of good 1 falls from $5 to $2. while the price of good 2 and the consumer's income remain constant at $10 and $100, respectively. Find the substitution, income, and total effects on the demand for good 1 after the price change.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91837236

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