Explain what the Income and Substitution effects are.

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Prompt Starters

1. What is the law of supply and demand?
2. Who was Milton Friedman?
3. Describe Modern Portfolio Theory to me.
4. Give me a practice problem that asks me to derive Marshallian demand.
5. What is the Slutsky equation?
6. What is the Chicago School of Economics?
7. Explain what the Income and Substitution effects are.

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