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1. Define normal, inferior and giffen goods. Give examples. 2. Define the income and substitution effects. 3. Discuss and explain what is the effect of

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1. Define normal, inferior and giffen goods. Give examples. 2. Define the income and substitution effects. 3. Discuss and explain what is the effect of a price decrease in the consumption considering a normal, an inferior good and a giffen good. Give examples

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