I'm not sure if this is where I should post this question, but I didn't know where else an econ question would go ...
Assume that your utility function for apples and bananas is given by
U(a,b) = min{a,b}. Suppose that the price of apples increases. Illustrate the income and substitution effects both graphically and mathematically (using the Slutsky equation).
The slutsky equation is dx1/dp1 = dx1/dp1]u=u"bar" + (dx1/dI)*(dx1/dp1)
I believe apples and bananas are perfect complements, but I'm getting confused with the min{a,b} and how that affects the answer.
Thanks!