1. This question uses the budget line equation to calculate a set of plot points for a budget line. Using the prices (p1 and p2) and level of income (M) in Table 1 (Parameter table), calculate a set of points for the budget line for the range 0131 shown in Table 2 (Plot points). Put your calculations fomg in the cells highlighted in light blue that correspond to each value ofc1 listed. If you calculate a negative number, leave it blank. Note: the formula for the first point (whem1=0) for the budget line has been entered . 2. Add the budget line to the chart . Note :01 is on the horizontal axis. 3. This question refers to the utility function and indifference curve equations below the Parameter table. Use the equation for the indifference curve for a given level of utility to calculate a set of plot points. Each set of plot points is for one indifference curve ([01 or 102). Based on the given levels of utility indicated, calculate a set of points (in the Table of plot points, for the range given) for: (i) U1 (using the equation for 101) and, (ii) U2 (using the equation for I02 ). 4. Plot the two indifference curves using the plot points calculated in the question above (as a scatter chart with a smooth line). (Le. update/add the two IC data series in your chart.) 5. Consider the two bundles A and B. Note: each bundle is a pair of values,c(, cg). Calculate the expenditure for the each of the two bundles. Put your answers in the blue highlighted cells for Q5. 6. Compare bundle A and bundle B. In particular , comment - in the box for Q6 - on the levels of expenditure and utility. 7. Based on the chart and Q6, state the utility maximising bundle (q, 6;) in the blue highlighted cells for Q7. 8. Explain - in the box for Q8 - why the identified bundle is a utility maximising bundle. 9. Suppose that the consumer's changes as noted (just above the box for Q9). Explain - in the box for Q9 - what would happen to the utility maximising bundle due to the change in income, ceteris paribus