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Cindy consumes goods x and y. Her demand for x is given by x(px, m) = 0.05m -5.15px. Now her income is $419, the price of x is $3, and the price of y is $1. (Hint:ReadCh 8)

a. Compute the demand of x

Now , assume the price of x rises to $4, the income is still $419.

b. Compute the demand of x under the new price.

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