Question: Assuming the below values for the parameters: Px=4, Py=6, 1:240 Now, if the price of x decreases by 0.2 units, calculate the following: c) Changes

Assuming the below values for the parameters: Px=4, Py=6, 1:240 Now, if the price of x decreases by 0.2 units, calculate the following: c) Changes in x, changes in y, income effect, substitution effect, compensating variation (CV), and changes in price elasticity (for x)

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