1. Harry has an income of $40 to spend on hamburgers and coke. Ron has an income (endowment) of 5 hamburgers and 6 cans of coke, and Ron can freely trade his initial hamburgers and coke. The price of a hamburger is $10, and the price of coke per can is $5. Harry and Ron consume nothing else. (a) Write down Harry's budget constraint. (b) If Harry spent all his income on hamburgers, how much could he buy? (c) If Harry spent all his income on coke, how much could he buy? (d) Draw the graph of Harry's budget constraint (or budget line). Indicate the x-axis and y-axis of the graph as hamburgers and cans of coke, respectively. (e) Write down Ron's budget constraint. (f) If Ron spent all his income on hamburgers, how much could he buy? (g) If Ron spent all his income on coke, how much could he buy? (h) Draw the graph of Ron's budget constraint (or budget line), and indicate his initial income (endowment) point. Indicate the x-axis and y-axis of the graph as hamburg- ers and cans of coke, respectively. (i) Suppose that the price of a hamburger has decreases by 20%. Write down Harry's and Ron's new budget constraints. (i) Draw Harry's new budget constraint on the graph in part (d). (k) Draw Ron's new budget constraint on the graph in part (h).