X and Y aresubstitutes,and both arenormal goods.Write out thetable of income and substitution effectsfor anincrease in the price of Y.Briefly describe theeconomic intuitionbehind the substitution effect, the income effect, and the total effect of the price change.You should not have any questions marks in your table -- explain why.

For easy text entry, format your answer like this:

Sub:X down, Y down

Inc:X up, Y up

Tot:X up, Y down

Sub: explain

Inc: explain

Tot: explain