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Suppose that Jim uses his budget to purchase 100 units of Good X and 100 units of Good Y. When the price of Good X rises, he purchases 70 units of Good X and 95 units of Good Y. An economist calculates his compensated budget and finds that in that scenario, Jim would buy 80 units of Good X and 105 units of Good Y.
Required:
Calculate the income effect
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Suppose that Jim uses his budget to purchase 100 units of Good X and 100 units of Good Y. When the p...
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