=+e. When we discussed price changes with homothetic tastes in our development of consumer theory, we noted
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=+e. When we discussed price changes with homothetic tastes in our development of consumer theory, we noted that there are often competing income (or wealth) and substitution effects.
Are there such competing effects here relative to our consumption of x1? If so, can we be sure that the quantity we trade in equilibrium will be less when t is introduced?
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Related Book For 
Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba
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