Using typically shaped indifference curves graphically, Business Economics

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Using typically shaped indifference curves graphically

Using typically shaped indifference curves, graphically decompose the impact of a price increase into a substitution effect and an income effect. Based on your diagram, indicate whether this good is normal or inferior. How do you know? Is the Law of Demand satisfied? How do you know?

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Business Economics: Using typically shaped indifference curves graphically

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