A consumer has the utility function and an income of $200. Initially, the price of good 1 is $6 and the price of good 2 is $2. b) price of good 1 decreases to $ 4 and price of good 2 stays at $2. What is the total change in demand for good 1? Show the income and substitution effects of this price change both graphically and algebraically.

Economics: Private and Public Choice (MindTap Course List)
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A consumer has the utility function and an income of $200. Initially, the price of good 1 is $6 and the price of good 2 is $2. b) price of good 1 decreases to $ 4 and price of good 2 stays at $2. What is the total change in demand for good 1? Show the income and substitution effects of this price change both graphically and algebraically.
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