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1.What is a demand function? Which variables determine demand? 2. What happens to demand when the following changes occur? a.Price of the good X declines.

1.What is a demand function? Which variables determine demand?

2. What happens to demand when the following changes occur?

a.Price of the good X declines.

b.The price of a substitute good Y decreases

c.Consumer income decreases and the good X is inferior

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