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A consumer has the following demand function for good l: XI = (3f4}{mfpl} The original price of the good is $2 and the consumer's income
A consumer has the following demand function for good l: XI = (3f4}{mfpl} The original price of the good is $2 and the consumer's income is $200. Calculate the substitution effect, the income effect and the total effect for this consumer, when the price of good changes to $1. (5}
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