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9. (ch.5) Answer the following questions. Explain in detail for full credits. Beef jerky 20 18 16- 14- N BC BC 0 1 2 3

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9. (ch.5) Answer the following questions. Explain in detail for full credits. Beef jerky 20 18 16- 14- N BC BC 0 1 2 3 4 5 6 7 8 9 10 Scallops a. What are the income effect and substitution effect of the price change? Explain and quantify the effects for each good. (hint: the extra credit question from ch.5) b. Are scallops a normal good or an inferior good? Explain. c. Is beef jerky a normal good or an inferior good? Explain

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