Tom and Brenda like drinking soda and both of them set aside a set amount of money to use to purchase either Coke or Pepsi. Both consumers have a constant marginal rate of substitution over Coke and Pepsi. At the initial prices of Coke and Pepsi, Tom buys 6 Cokes and no Pepsis, while Brenda buys 8 Cokes and no Pepsis. One day, the price of Coke increases (but the price of Pepsi doesn't change). At the higher price of Coke, Tom buys no Coke and 4 Pepsis, while Brenda buys 2 Cokes and no Pepsis.

(a) For Tom, decompose the total effect of the price change on his consumption of Coke into income and substitution effects.

(b) For Brenda, decompose the total effect of the price change on her consumption of Coke into income and substitution effects.

Explain it and need typed answers

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