1. Tom (T) and Jerry (J) have identical incomes I. Their preferences can be described by the utility functions U: = min {331 , 3:2} and U5; = $1372, respectively. (i). Do Tom and Jerry consume an identical amount of good 1 (:61), or different amounts? Explain! (ii). Suppose both of their incomes double. By how much does consumption of good 1 (3:1) change for Tom, and by how much for Jerry? (iii). Suppose good 1 (1:1) becomes more expensive. In which direction does the consumption of good 2 (3:2) change for Tom, and in which direction forJerry