Ximing spends his money on rice, a Giffen good, and all other goods. Show that when the
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Ximing spends his money on rice, a Giffen good, and all other goods. Show that when the price of rice falls, Ximing buys less rice. Decompose this total effect of a price change on his rice consumption into a substitution effect and an income effect.
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i Determine Ximings original optimal bundle e1 using the tangency between his original budget line a...View the full answer
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