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3. Decompose the the change in consumption of good 1 into the income and substitution effect, and illustrate your answer with a graph. [05 pts]

3. Decompose the the change in consumption of good 1 into the income and substitution effect, and illustrate your answer with a graph. [05 pts] 4. Compute the Compensation variation (CV) and the Equivalent Variation (EV). [07 pts]

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