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#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4

Note that the substitution effect is the result of changing from budget constraint 1 to budget constraint 3—or moving the budget constraint along the original indifference curve, while maintaining tangency. Note that in the process, the budget constraint becomes less steep, just as the marginal rate of substitution decreases.
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