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Vic considers cup noodles as an inferior good (but not a Giffen good) with negative income elasticity and restaurant meals as a normal good. Please
Vic considers cup noodles as an inferior good (but not a Giffen good) with negative income elasticity and restaurant meals as a normal good. Please show Vic's income and substitution effects on a diagram when the price of the cup noodles increases. Please use the number of cup noodles on the x-axis and restaurant meals on the y-axis.
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