6 The price of cheese rises from $6 to $10 a kilogram and the price of wine...

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6 The price of cheese rises from $6 to $10 a kilogram and the price of wine remains

$3 a glass. For a consumer with a constant income of $3000, show what happens to consumption of wine and cheese. Divide the change into income and substitution effects.

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Rashul Chutani

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