1. An individual's demand for X is given by the following function: X = 300 - 4P + 0.01M, where M is the consumer's income and P is the price of X. (10 marks) Suppose M = $2000, and P increases from $10 to $13. (a) Calculate the total change in demand. (2 marks) (b) Calculate the change in income needed to compensate the individual for a price increase. (2 marks) (c) Calculate the change in demand because of substitution and income effects. (4 marks) (d) Graphically illustrate the results that you obtained. (2 marks)