3.1. With the aid of graph, explain in detail the substitution and income effect on the consumer utility maximization ch

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3.1. With the aid of graph, explain in detail the substitution and income effect on the consumer utility maximization ch

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3.1. With the aid of graph, explain in detail the substitution and income effect on the consumer utility maximization choice when there is an increase in a price of good (X), make use of the numeric examples. 3.2. With the aid of a graph briefly explain the effect of an increase in income on the demand of inferior good.
3.3. Can indifference curves cross each other? Justify your position using the diagram and principle of transitivity
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