Intermediate Micro: Calculus based U = x + y1/2. Income is 64. Price of x is...

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Intermediate Micro: Calculus based

U = x + y1/2. Income is 64. Price of x is 4 . Price of Y goes from 1 to 2. Graph and label the income and substitution effects, including the compensated budget line. What are the X and Y magnitudes for the income effect? What are the X and Y magnitudes for the substitution effect?

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Intermediate Micro: Calculus based U = x + y1/2. Income is 64. Price of x is...

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Intermediate Micro: Calculus based U = x + y1/2. Income is 64. Price of x is...

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