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Situation in terms of income and substitution effects

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Reference no: EM131171281

In his article, "How Statistics Lie: Unemployment Can be Good for You", Steven Landsburg is arguing that inflation rate calculated simply as rise in price levels is not very informative.

a) Explain the situation in terms of income and substitution effects.

b) Will your answer differ whether the goods are inferior or normal? Explain.

Reference no: EM131171281

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