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Question-1 (Income and Substitution Effect) (20 points) The graph below shows the optimal bundle (I'.y) of a consumer when the prices of goods are p,

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Question-1 (Income and Substitution Effect) (20 points) The graph below shows the optimal bundle (I'.y") of a consumer when the prices of goods are p, and joy. The red line denotes the budget. line, and the blue curve denotes indifference curve-s. m denotes the income level of the COIISUIIICI'. )' mm m; p

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