(Answered) Charlies utility function isnbspxaxb the price of apples

Management Studies

Charlie's utility function is x_Ax_B. The price of apples used to be $1, the price of bananas used to be $2, and his income used to be $40. If the price of apples increased to $6 and the price of bananas stayed constant, the substitution effect on Charlie's apple consumption would reduce his consumption by?

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Business Management, Management Studies

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