Question
An individual has preferences over two goods (x and y) that are represented by the utility function U = min { x , y }
An individual has preferences over two goods (x and y) that are represented by the utility function
U = min { x , y }
The individual has income $60, the price of x is $4 and the price of good y is $2.
What are theTotal Effect,Income EffectandSubstitution Effectfor this price change?
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Plenitude The New Economics Of True Wealth
Authors: Juliet Schor
1st Edition
1594202540, 9781594202544
