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3. u=x03y0.7 Initial: px=2,py=1,m=100 Final: px=1,py=1,M=100 a. Initially x= b. Finally x= yy== c. Total Effect of price change =xx= d. How much money is

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3. u=x03y0.7 Initial: px=2,py=1,m=100 Final: px=1,py=1,M=100 a. Initially x= b. Finally x= yy== c. Total Effect of price change =xx= d. How much money is needed to buy the initial bundle with new prices? M0= e. What is the demand with M0 and new prices? x4= y= f. Substitution Effect =x3x= g. Income Effect =xx=

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