Suppose there are two goods, X and Y. The price of good X increases. Use indifference curves to illu
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 incoMeand substitution effects look like when goods are perfect substitutes? Perfect complements?
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Deliverable: Word Document
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