1. Let a consumer's choice of games be between \"Nintendo" (N) and \"PlayStation\" (P), and the quantities she chooses are (M and 9;:- respectively. The price of the two goods are rm and pp respectively. The consumer has an income of 11;. Answer the following questions. (a) (6') Let the consumer's utility be of the CobbDouglas variety, that is U = :crscif", where 0 S a. g 1. Depict on a well labeled diagam the consumer's choice, and explain the equilibrium choice, making sure you write down the equation that describes it. (5 Marks] Depict on a new well labeled diagram the effect of a price decrease in \"PlaySta- tion" games, assuming that \"PlayStation\" games are Normal goods, making sure you decompose the change into its components, in other words its (i) substitution, and (ii) income effects. Explain your diagram carefully. (5 Marks) Explain how such a CobbDouglas utility function and their associated in difference curves depicts this consumer as Risk Averse. (5 Marks) How would your answer to part (b) change, if instead the consumer's prefer- ences is characterized by a Leontieff utility function. In other words, N and P are perfect complements to the consumer. Depict your answer on a well labeled diagram. (5 Marks]