The price of cheese rises from $6 to $10 per pound, while the price of wine remains
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The price of cheese rises from $6 to $10 per pound, while the price of wine remains $3 per glass. For a consumer with a constant income of $3,000, show what happens to consumption of wine and cheese.
Decompose the change into income and substitution effects.
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I'm A J Anagha. I'm doing my third year of Bachelors' in Phyiscs at Assumption College, Autonomous, Changanacherry, India. Throughout my college life, I have always kept myself as an active student by partaking in various co-curricular activities, representing my college at the National Students Parliament. I'm also a member of the college students union and various other clubs and organisations like the United Nations Academic Impact, National Service Scheme etc.
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