In consumer theory, In consumer theory, what is meant by

In consumer theory

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In consumer theory, what is meant by the 'substitution effect' and 'income effect' of a price change? How are these concepts used to classify goods as normal, inferior or Giffen?

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Reference no: EM131159439

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In consumer theory : In consumer theory, what is meant by the 'substitution effect' and 'income effect' of a price change? How are these concepts used to classify goods as normal, inferior or Giffen?

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