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A consumer has the following Cobb-Douglas utility function, U(X, Y) = X1/2 y1/2 Income, M = 72. The price of Y is 1 and the

A consumer has the following Cobb-Douglas utility function, U(X, Y) = X1/2 y1/2 Income, M = 72. The price of Y is 1 and the price of X falls from Px0 = 9 to Px1 = 4. Calculate the income effect (IE) and the substitution effect (SE)

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