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3) A household has the budget constraint y : p31 + 31:2 where the price of good 2 is normalized to one. The utility function is given by U($1, 1:2) : Min[$1, 4:32] a) Solve for your demand functions $1 and 1:2 and utility U (:51, 1:2) as functions of y and p. b)Suppose initially that y : 100 and p : 1. Consider a increase in the price of good 1 to p' : 2. Solve for the substitution effect, for the income effect and for the total e'ect