Max has utility function u(;r,y) = V'E + y. Let the price of good 2: be $2 and price of good y be $2. Further assume that Douglas has $480 to spend on these two goods. In the questions below1 give your answers to two decimal places. 1. How much of good x does Douglas demand? 2. Now suppose that the price of good x decreases to $1.03. What is the income effect of this price change on the demand for x? 3. 1What is the substitution effect of this price change