Question: hi expert only answer and graph needed no explanation required please answer quickly Show the substitution effect, income effect, and total effect from a price

hi expert only answer and graph needed no explanation required please answer quickly

hi expert only answer and graph needed no explanation required please answer

Show the substitution effect, income effect, and total effect from a price increase using the equivalent variation approach. In the figure, the individual is initially maximizing utility at bundle e, on budget line L' on indifference curve 12. Then the price of good X increases, pivoting the budget line to L'. The consumer maximizes utility at the new prices at bundle ez on indifference curve I' 1.) Using the line drawing tool, draw a new budget line representing the amount money the individual would have to give up with the initial prices to have the same level of Jutility as with the new prices. Label this line 2.) Using the point drawing tool, indicate the utility maximizing bundle on budget line 'L * .' Label this bundle Carefully follow the instructions above, and only draw the required objects. In terms of good X (as a function of X,. X2, and X3), the substitution effect is SE =. the income effect is IE - and the total effect is TE = (Properly format your expressions using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscript can be created with the _ character) e1 GoodY X2 X1 Good X

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