1.Jones spends all his income on two goods, X and Y. The prices he paid and the quantities he consumed last year are as follows: Px= $15/unit. X=20units P= $25/unit, Y=30 units. The prices next year are Px= $6/unit P= $30/unit, and Jones's income is$1020.

Draw the two budget lines in a diagram (measure X on the horizontal axis and Y on the vertical axis). Is he better off or worse off than he was in the previous year?