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(3) Using the concepts of substitution and income effects and the appropriate diagrams), describe the difference(s) between an uncompensated demand curve (e.g. a Marshallian demand

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(3) Using the concepts of substitution and income effects and the appropriate diagrams), describe the difference(s) between an uncompensated demand curve (e.g. a Marshallian demand curve) and a compensated demand curve (e.g. a Hicksian demand curve). (40 marks)

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