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Consider goods X and Y to be consumed in proportion 1 good Y for every three goods X. If the price of good Y increases,
Consider goods X and Y to be consumed in proportion 1 good Y for every three goods X. If the price of good Y increases, what will the substitution effect acting by itself cause rational consumer to do? Draw a diagram to illustrate your
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Economics Principles and Policy
Authors: William J. Baumol, Alan S. Blinder
12th edition
978-0538453677, 538453672, 978-0538453622, 538453621, 978-0538453653
