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2. (25 points) Goods 1 and 2 are perfect complements for a consumer such that u(T1, 12) = min{21, *2}. Let the price of good

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2. (25 points) Goods 1 and 2 are perfect complements for a consumer such that u(T1, 12) = min{21, *2}. Let the price of good 1 be $1, the price of good 2 be $5, and the consumer's income $60. Suppose the price of good 2 increases to $9 while the price of good 1 and the consumer's income stay constant. Calculate the magnitudes of the income and the substitution effects for good 2. Illustrate your answer with a graph and explain

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