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explain the income and substitution effect . graphs . show the work with diagrams . 200 words

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explain the income and substitution effect .
graphs .
show the work with diagrams .
200 words
Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
136 Votes
Explain the income and substitution effect .graphs .show the work with diagrams .200 words
Answer:
Whenever price of a good changes, it creates two effects simultaneously; substitution effect and
income effect. Substitution effect arises due change in relative price of good keeping money
income always constant and income effect arises due to change...
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