Discuss the income and substitution effects of a price change in case of an inferior good

When analyzing the impact of a price change on an inferior good in microeconomics, two significant effects come into play: the income effect and the substitution effect.

1. Income Effect: The income effect refers to the change in purchasing power resulting from a change in the price of a good. For an ___ ___ ___ ____ _________ ___ __________.
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