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Question 6 (20 marks): Consider an individual making choices over two goods, x and y with initial prices Pr = 5 and Py = 2, with income I : (a) If the individual's preferences can be represented by the utility function u(x, y) = 4x + 2y, find the income, substitution and total effects of a decrease in the price of r to Px = 3. (b) If the individual's preferences can be represented by the utility function u(x, y) = min(4x, 2y), find the income, substitution and total effects of a decrease in the price of x to Pr = 3