Can I get some detailed step-by-step explanations and answers for the problem?

1. This exercise reviews income and substitution effects. 1.1 Figure 1 shows the income and the substitution effect for a consumer with utility U(21, 22) = 2142 and income M = 4. Initially, the price of each of goods is one, p1 = p2 = 1. Then, the price of good decreases to p; = 1/2. Using this information, compute the income and the substitution effects. 2 + MP2 subs. income M effect effect P1