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3 A consumer must spend all of her income on two goods, X and Y. Good X is a normal good and good Y is
3 A consumer must spend all of her income on two goods, X and Y. Good X is a normal good and good Y is an inferior good. In each of the following scenarios, indicate whether the equilibrium consumption of goods X and Y will increase, decrease, or remain the same. a. Income doubles. b. Income quadruples and all prices double. C. Income and all prices double. d. Income is halved and all prices double
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