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# p1 IS NOT CAUSING SUBSTITUTION OF ONE GOOD FOR ANOTHER IN THE OPTIMUM BUNDLE, THE CHANGE IN DEMAND IS ENTIRELY EXPLAINED BY INCOME EFFECT

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(1)

TIME ENDOWMENT =

LABOUR INCOME =

(2)

LABOUR-SUPPLY CURVE

BACKWARD-BENDING LABOUR-SUPPLY CURVE

(3)
(4)
(5)
(6)

SINCE PRICE CHANGE p1' - p1 IS CAUSING SUBSTITUTION OF ONE GOOD FOR ANOTHER

IN THE OPTIMUM BUNDLE, THE CHANGE IN DEMAND IS ENTIRELY EXPLAINED BY SUBSTITUTION EFFECT

(7)

DETERMINE SUBSTITUTION AND INCOME EFFECT

CAUSED BY

DEMAND CHANGE OF GOOD 1

(8)

DEMAND CHANGE = INCOME EFFECT

SINCE PRICE CHANGE p1' - p1 IS NOT CAUSING SUBSTITUTION OF ONE GOOD FOR ANOTHER

IN THE OPTIMUM BUNDLE, THE CHANGE IN DEMAND IS ENTIRELY EXPLAINED BY INCOME EFFECT

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