1.3. Assume that a utility function is given by Min(X, Y), as in Exercise 1(c). What is...
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1.3. Assume that a utility function is given by Min(X, Y), as in Exercise 1(c). What is the Slutsky equation that decomposes the change in the demand for X in response to a change in its price? What is the income effect? What is the substitution effect?
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