[Solution] Suppose there are two goods, X and Y. The price of good X increases. Use indifference curves to illustrate the substitution and income effects
Question: Suppose there are two goods, X and Y. The price of good X increases. Use indifference curves to illustrate the substitution and income effects of this price increase. What factors influence the steepness and shape of the indifference curves? What do the income and substitution effects look like when goods are perfect substitutes? Perfect complements?
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