You consume two goods X and Y. One Tuesday, the price of X rises and the price
Question:
• On Tuesday, you can no longer afford Monday's basket.
• On Tuesday, you are happier than on Monday.
• X is a normal good.
Which has a bigger effect on your X consumption, the combined income effect of the two price changes or the combined substitution effect of the two price changes?
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First we are given that on Tuesday you can no longer afford Mondays ...View the full answer
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