1.) Suppose that Steve and J ill, a married couple, have decided to allocate $250 per month to their \"home decoration\" budget which will be used to fund two types of decorations: i) the rst involves antiques; ii) the modern items. Both Steve and Jill have agreed to spend some money on each type of decoration. However, the two differ substantially in their preferences. Jill doesn't much care for the old dusty antique items, but she thoroughly enjoys the look of modern decor. Steve loves the unique and classic looks of antique items, but he nds it difcult to relate to modem-styled decorations. a) Draw an indifference map representing Steve's preferences (place \"antiques\" on the X-axis and \"modern decor\" on the Y-axis). On a separate graph, draw an indifference map representing Jill's preferences. (Hint: the slopes will be different. The curves need not be precise; they are illustrative of the two individuals' relative preferences.) b) Using the concept of marginal rate of substitution (MRS), explain why the two sets of indifference curves look different from each other