Question: Suppose an individual's utility function is given by the following expression: U (91, 92) = 97 . 92 Assume the individual spends all of their

Suppose an individual's utility function is given by the following expression: U (91, 92) = 97 . 92 Assume the individual spends all of their income (y) on a bundle of good #1 (q1 ) and good #2 (q2). Suppose the current price of good #1 is $4 (p1 = 4) and the current price of good #2 is $3 (p2 = 3 ). Which of the following changes would cause the smallest decrease in the amount of good #1 the individual demands: The price of good #1 increases by 1% O The individual's income decreases by 1% O The price of good #2 decreases by 1%

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