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Practice Final Question 2 - What is compensating variation? What is equivalent variation? Explain the relationships between these two variations. Use an example to illustrate

Practice Final Question 2 - What is compensating variation? What is equivalent variation? Explain the relationships between these two variations. Use an example to illustrate when you would use one type of variation over another, or, alternatively, argue that using either variation in all cases is equally relevant, whichever you feel is more appropriate. Use clearly labelled graphs to illustrate your explanations.

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