Explain what the income eect is you may use plain english
Income and Substitution Eects
1. Explain what the income eect is. You may use plain English or use an illustrative example. However, you must convince me you know what it is without copying a denition.
2. Repeat the above for the substitution eect.
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income and substitution eects1 explain what the income eect is you may use plain english or use an illustrative example
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