How much of the total change in quantity demanded

Reference no: EM132471457

Suppose two goods, X and Y, are perfect complements and U=min(X,Y). A consumer has $60 to spend. Initially, the price of each good is $2. If the price of good X falls to $1, how much of the total change in quantity demanded is due to the income effect? (Hint: Sketch the graph.)

Reference no: EM132471457

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