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James' Marshallian demand function solves the utility maximization problem that is maxU = x1 + x2. The price of good 1 is $1 and price of good 2 is $2, and income is $400. Suppose that price 1 increases to p1' = 3. Determine the substitution effect, income effect and total effect. Draw the graph and describe what type of good is.

Microeconomics, Economics

  • Category:- Microeconomics
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