Problem 11 John's utility function is a min(2x, y) and his income is equal to 60 initially, the prices of goods are p-3 and p, 24 The price of increased by one third, and lohn's income remains unchanged. a) Find the optimal choices before and after the change prices 6) Calculate the income and substitution effects in Slutsky equation Problem 11 John's utility function is a min(2x, y) and his income is equal to 60 initially, the prices of goods are p-3 and p, 24 The price of increased by one third, and lohn's income remains unchanged. a) Find the optimal choices before and after the change prices 6) Calculate the income and substitution effects in Slutsky equation