Trevor consumes two goods fruit good x and vegetables good, Ask an Expert

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Trevor consumes two goods: fruit (good x) and vegetables (good y). His demand for fruit is given by x(px,m)=.04m-4.24px. His income is $322, the price of fruit is $2, the price of vegetables is $1. If the price of vegetables rises to $3, calculate total change in quantity demanded, the substitution effect, and the income effect. Is fruit a normal or inferior good?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91424313

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