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2) Suppose that a consumer's demand function for x is x = 12 + 5P Originally consumer's income (m) is 120TL and the price (P)

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2) Suppose that a consumer's demand function for x is x = 12 + 5P Originally consumer's income (m) is 120TL and the price (P) of x is 4TL. Now suppose that the price of x falls to 3TL. Calculate the substitution and income effects of this price change and show your finding graphically (35 P)

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