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Discuss how a consumer equilibrium choice changes

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Reference no: EM132617702

Explain four basic properties of a consumer's preference ordering and their ramifications for a consumer's indifference curves. Illustrate a consumer's equilibrium choice and how it changes in response to changes in prices and income.

Then, illustrate and discuss how a consumer's equilibrium choice changes in response to:

i. income effect

ii. substitute effect

Reference no: EM132617702

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