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Name 1. (3 pts.) Draw the budget lines representing the following information. In each case identify the numerical value of the intercepts of the budget line and the slope. a. Initially assume: M-150, P 3, Py-5.Redraw the budget line on the same graph assuming l 90, P 3, Py 5 b. Initially assume: M- 150, Px 3, Py 5. Redraw the budget line assuming Px rose to $6 c. Initially assume: M : 150, Px-3, P,-5, Redraw the budget line assuming the individual received 10 units of X as a gift 2. (3 pts.) Given the graph below: At point A is MRS equal to, greater than, or less than the ratio of the prices (circle one option)? Will they buy more of Y or more of X or maintain the combination of goods at A to maximize their utility (circle one option)? What will the value of the MRS be when the consumer is maximizing their utility given the budget line shown in the graph? a. b. c. 10

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