David purchases two goods: bananas (x) and tea (y). Her indifference curves are smoothand convex. Suppose the price of t...

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David purchases two goods: bananas (x) and tea (y). Her indifference curves are smooth

and convex. Suppose the price of tea decreases. On a graph, illustrate the income and

substitution effects of the price change on Diana’s optimal consumption bundle for each

of the following cases:

(a) Tea is an inferior good for Diana, but not a Giffen good.

(b) Diana’s income elasticity of demand for tea is zero.

(c) Bananas and tea are both normal goods.










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