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I) Suppose two goods X and Y are perfect substitutes. Find the Marshallian demand for X...

I) Suppose two goods X and Y are perfect substitutes. Find the Marshallian demand for X and Y for : 1) Px>Py  2) Px=Py 3) Px<Py

Assume: U(X,Y)=X+Y

II) Diagram to show Income effect and Substitution effect

business   economics   
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