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Economics

Assume good X is normal. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant.

(b) Now suppose X is a Giffen good. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91719129

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