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Problem 3 (30pts) Trevor always begins the day with a strawberry milk.pdf

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Trevor makes strawberry milkshakes using milk and strawberries in a 1:5 proportion. His income is $200. Strawberries cost $1 each. The price of milk dropped from $15 to $5. The total change in demand for milk will be decomposed into the substitution and income effects.

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Problem 3 (30pts) Trevor always begins the day with a strawberry milkshake (milk (x1) and strawberries (x2) mixed in proportion 1:5). His income is equal to m=200, and one strawberry costs p2=1. Suppose the price of milk drops from p1=15 to p1=5. We are going to decompose the total effect into substitution effect and income effect. a) What is the total change in demand for milk? b) What is the substitution effect? c) What is the income effect?

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