Question

What is change in overall consumption due to a change in price

Answer 1

Answer:

The total effect of the change in the consumption of a commodity that results from a change in the price of a good can be broken down into two effects, namely, the income effect and the substitution effect.

Explanation:

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Answer 2

Explanation:

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Income and Substitution Effects:

The total effect of the change in the consumption of a commodity that results from a change in the price of a good can be broken down into two effects, namely, the income effect and the substitution effect.

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