Question: {5 points] Suppose that a consumer's utility function is U (qt. oz) 2 min {oh 112}. The consumer has an income of Y.' Suppose that

{5 points] Suppose that a consumer's utility function is U (qt. oz) 2 min {oh 112}. The consumer has an income of Y.' Suppose that the prices are initially. p1 = m = 2. Then the price of p; is reduced to 1. Select tH'E'Eorrect answer. To) The substitution effect leads the consumer to increase the consumption of good 1 by E units. [In] The income eFl'ect leads the consumer to increase the consumption of good 1 by {5 units. (c) The consumer increases the consumption of the goods by (d) The change in consumption of good 1 is unknown [e] When the price of good 1 is reduced the consumer will spend all her income in good 1 by purchasing Y units

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