For the following scenarios, explain the direction of the substitution effect, income effect, and total effect.
I. The price of good X, a normal good, increases.
II. The price of good X, an inferior good, decreases.
III. The price of good X, a Giffen good, increases.

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The Answer of For the following scenarios, explain the direction of the substitution effect, income effect, and total effect.
I. The price of good X, a normal good, increases.
II. The price of good X, an inferior good, decreases.
III. The price of good X, a Giffen good, increases.

For the Following Scenarios, Explain the Direction of the Substitution