Compare and explain the significance of the substitution and output effects as they apply to resource pricing.
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Compare and explain the significance of the substitution and output effects as they apply to resource pricing. What relationship, if any, do they bear to the income and substitution effects discussed in connection with product demand?
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In both cases the effects apply to therelationship of the product or resource to its substitutes In ...View the full answer
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Somshukla Chakraborty
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