2. (20 points = 22 minutes) Answer any two of the three parts to this question. Each part requires graphical arguments. Label and briefly explain your graphs. a. Marshallian demand X(Px, Py, I): Graphically depict the substitution and income effects that arise when the price of good X (i.e. px) falls. Use our usual graph with good X on the x-axis and good Y on the y-axis. ning esis Of 2UNC b. Use a graph to explain the concept of Equivalent Variation (EV) for a price decrease. c. Supply of labor: Graphically depict the situation where a household would optimally choose to supply zero labor hours to the market. Use our usual graph with leisure on the x-axis and consumption on the y-axis. More on back