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In a graph and with an explanation, show what the curve of Hicksian and Marshallian demand when: a. The substitution effect is equal to the
In a graph and with an explanation, show what the curve of Hicksian and Marshallian demand when:
a. The substitution effect is equal to the income effect (normal good)
b. The substitution effect is less than the income effect (normal good)
c. The substitution effect is less than the income effect (lower good)
Draw the graphs
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