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12. The demand function of X is 55(1):, pg, M) = M /2pI. Suppose initially p3 = 2,py = 1 and M = 100. Now

12. The demand function of X is 55(1):, pg, M) = M /2pI. Suppose initially p3 = 2,py = 1 and M = 100. Now suppose the price of X falls to p; = 1. (a) The substitution effect is -37.5. (b) The substitution effect is -12.5.

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