Whats the substitution effect and income effect

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The price of good 1 is initially at $1, and the price of good 2 is initially at $2, with $24 avaiable to spend. The price of good 2 increases to $4. If Duane’s utility function is U(X₁,X₂)=min(X₁,2X₂), then what’s the substitution effect and income effect?

Reference no: EM13834055

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