Economy, asked by mohsingardezi1234, 1 month ago

Breaking up price effect into income and substitution effect in context of revealed preference theory

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Answered by leehun

0

Answer:

good night sweet dreams

Explanation:

Breaking up Price Effect into Income and Substitution Effect (with diagram) ADVERTISEMENTS: As price of a good X falls, other things remaining the same, consumer would move to a new equilibrium position at a higher indifference curve and would buy more of good X at the lower price unless it is a Giffen good.

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