1. Income and Substitution Effect 3) b) h) i) j) k) Consider an individual with utility function u(x, y) = xdlsy'\". Determine the optimal consumption bundle and its utility if P; = 4, p), = 2 , and m = 150. Show all steps of your derivation and carefully graph. For the same individual as in a), assume prices change to p, = 2, py = 2 . What is the optimal consumption bundle and its utility? Show all steps of your derivation and indicate in your graph from a). i 't . . . Calculate income and substitution effect. Show all steps of the derlvatron and show in your graph. What is the Contingent Variation here? Now consider an individual with utility function u(x, y) = min{ 3x, 2y} and redo a). [Extra Credit] Redo b) for u(x, y) = min{ 4x, 2y} . [Extra Credit] Redo c) for u(x, y) = min{ 4x, 2 y} . [Extra Credit] Redo d) for u(x, y) = min{ 4x, 2 y} . [Extra Credit] Compare c) and g). Explain in plain English What Substitution and Income effect are. Explain in plain English what Contingent Variation is and what it is used for. There is one calculation here where you need more than a basic calculator show me your calculation and ask me for the result