Illustrate the income and substitution effect

Reference no: EM132136732

Question: Please do it by type not pic.

1. Beginning in a state of equilibrium in our consumer equilibrium model (food is situated on the Y-axis and beverage on the X-axis). Graphically illustrate the income and substitution effect from a fall in the price of beverage (ceteris paribus) when beverage is a normal good. Label clearly.

Reference no: EM132136732

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