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Mairoon Mairoon
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6 years ago
Draw two graphs, one directly above the other. On the upper graph, label the vertical axis Good X and label the horizontal axis Good Y. On the lower graph, label the vertical axis the Price of good Y and label the horizontal axis Good Y. In the upper graph, show the income and substitution effects of a decrease in the Price of good Y when Y is a Giffen good. Draw the corresponding demand curve for Good Y in the lower graph.
Textbook 
Microeconomics

Microeconomics


Edition: 6th
Author:
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Replies
wrote...
#1
6 years ago
See the above figure. Point A is the original consumption point. The movement from point A to point B is the substitution effect. The movement from point B to point C is the income effect.
Mairoon Author
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#2
5 years ago
Great answer, great website
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