Assume good x is normal plot a graph to illustrate the, Business Economics

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Assume good x is normal plot a graph to illustrate the

Assume good X is normal. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant.

(b) Now suppose X is a Giffen good. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant.

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Business Economics: Assume good x is normal plot a graph to illustrate the

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