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Suppose Good X is an inferior but not Giffen good. With a well-labelled diagram (with Good X on the x-axis and Good Y on the
Suppose Good X is an inferior but not Giffen good. With a well-labelled diagram (with Good X on the x-axis and Good Y on the y-axis), demonstrate graphically a decomposition of the price effect from a decrease in the price of Y into the substitution and income effect.
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