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Utility function be U=X1/2Y1/2 Px=$1, Py=2, I=$15 what are x and y if there is an increase in the price of good X to $2?
Utility function be U=X1/2Y1/2 Px=$1, Py=2, I=$15 what are x and y if there is an increase in the price of good X to $2? b) use the slutsky equation to show this impact and what is attributed to the; Income effect sustitution effect what is the reduction in utility caused by this increase in price
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Microeconomics
Authors: Michael Parkin
11th edition
133019942, 978-0133020250, 133020258, 978-0133019940
