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4. (a) A student asserts in class that both income and substitution effects lead to a decrease in the consumption of an inferior good when

4. (a) A student asserts in class that both income and substitution effects lead to a decrease in the consumption of an inferior good when the price decreases. Do you agree with the statement? Explain.

(b) "Utility is maximized when the marginal utilities of all goods are exactly equal." Do you agree or disagree? Explain.

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