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Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498 Exercise 4
Julian buys plants and flowers every month. Both are normal goods. When the price of flowers fell, Julian purchased fewer plants. Which effect was stronger for Julian, the income effect or the substitution effect?
Explanation
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Substitution effect:
Substitution effec...
Economics 1st Edition by Dean Karlan,Jonathan Morduch
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