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OpenStudy (anonymous):
Boris has a utility function U(X,Y)=X+3Y and has an income of 20. The price of Y is 4. The price of X falls from 4 to 1. What is the income and substitution effect on the demand of X from this price change? I know how to do everything, however I cannot find the utility of the indiference curve, which I need to draw the graph and then I can see for myself what the effects are.
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