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5.(12 points) Explain what would happen to the equilibrium consumption of two goods, X and Y, if: Income doubled and all prices tripled, or; All

5.(12 points) Explain what would happen to the equilibrium consumption of two goods, X and Y, if:

  1. Income doubled and all prices tripled, or;
  2. All prices doubled and income tripled, or;
  3. All prices and income doubled.

Assume that Goods X and Y are both normal goods.You are welcome to draw a graph to illustrate each outcome, if you wish.

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