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Suppose a consumer in a competitive market maximizes utility subject to a standard budget constraint. a. Given their resulting demand function what assumptions would be

Suppose a consumer in a competitive market maximizes utility subject to a standard budget constraint.

a. Given their resulting demand function what assumptions would be required for us to conclude that when the price of good 1 goes up the consumer buys less of good 1?

b. Given their resulting demand function what assumptions would be required for us to conclude that when the price of good 1 goes up the consumer buys more of good 2?

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