The "substitution effect" of a decrease in the Px is measured: as the change in the quantity demanded from the original indifference curve to the new indifference curve. as the percentage change in the Px from the original equilibrium to the new equilibrium. as the change in the quantity demanded along the original indifference curve. as the difference between the Qx at the original equilibrium, and the Qx at the new equilibrium. O

The "substitution effect" of a decrease in the Px is measured: as the change in the quantity demanded from the original indifference curve to the new indifference curve. as the percentage change in the Px from the original equilibrium to the new equilibrium. as the change in the quantity demanded along the original indifference curve. as the difference between the Qx at the original equilibrium, and the Qx at the new equilibrium. O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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