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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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