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Lets say Albert consumes two goods. rice and meat. For Albert, rice is a giffen good. What of the following terms describes meat for Albert:
Lets say Albert consumes two goods. rice and meat. For Albert, rice is a giffen good.
- What of the following terms describes meat for Albert: Normal, Necessity, Luxury?Explain
- If the meat price increases, what happens to the substitution effect, income effect, and total effect of Albert's consumption of rice? Explain
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