Question 1 [word limit: 750] Suppose that the preferences of a consumer regarding the consumption of goods ql and q2 are represented by function: U(q1,q2) = 11" q?\" where ql 2 0, Q2 2 0, 0 0 and faces prices p1 and p2 respectively for goods ql and q2. H a... u. a b. Consider a reduction in price p2. Drawing and describing the indifference curves and budget constraint, and referring to the concepts of substitution effect and income effect, report how the quantity demanded of qz changes when p2 decreases. [20 marks]