Economics Q3. Given preferences represented by the utility function U(x], X2) = min {3x1, x2), let's figure out the following: (a) Demand for x, and X2 for perfect complements. ()Let m = 100, p, = 2, and p2 = 4. Find the quantities demanded for x, and X2. () Suppose p, increases to p, = 10. Now what is the optimal bundle? (Decompose this change into the income and substitution effects. ( Your sister has just promised to send you pocket money of $500 each month starting next month and she will keep doing it forever. What is the present value of "having such a sister" if monthly interest rate is equal to 1% (one number)? (15 Points)