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Answer to Question #147116 in Microeconomics for Ava
Question #147116
After decrease of peas from 40p to 20p, income of the consumer is £7.60. Find the substitution effect and income effect based on consumption of peas due to decrease of price.
Expert's answer
Substitution effect=
If 20p represents £7.60
What of 40p
40p× £7.60/20p
= £15.20
Income effect
Original price-new price
40p-20p
= 20p
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