Question: Suppose an individual's utility function is given by the following expression: U(q1,q2)=min(q1,q2) Assume the individual spends all of their income (y) on a bundle of

Suppose an individual's utility function is given by the following expression:

U(q1,q2)=min(q1,q2)

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 $3 (p1=3) and the current price of good #2 is $4 (p2=4). Which of the following changes would cause the largest decrease in the amount of good #1 the individual demands:

a) The price of good #1 increases by 1%

b) The price of good #2 increases by 1%

c) The individual's income increases by 1%

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