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1. What information do we gain by isolating the income and substitution effects from each other when examining the effect of a change in price

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1. What information do we gain by isolating the income and substitution effects from each other when examining the effect of a change in price on consumption? How does this further help us understand the characteristics of normal and inferior goods? Using the concepts of the substitution and income effects, how would you define a Giffin good

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