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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

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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