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Suppose that p1=2, p2=4, and m=600. If the price of good 1 increases to 1 = 3, then find the income and substitution effects on
Suppose that p1=2, p2=4, and m=600. If the price of good 1 increases to 1 = 3, then find the income and substitution effects on demand for good 1 for each of the following utility functions.
(1, 2 ) = 12
(1, 2 ) = min {1, 22}
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