For each of the following situations where the price of :1: decreases from pi. to pi [a-b]1 calculate the following (i-iii): i) the optimal basket at time 1 and time 2. ii) the income and substitution effect. 1What type of good does this suggest good :1? is? iii) the compensating and equivalent variation. Explain in words what these mean. (a) \"(53.1.0 = has}. = 8.33% = 2.1%. = 6. I = 96. (b) \"ti-(as) = 2I1'2y1'2mi = 9.103.- = 4.10;. = 3.1 = 144