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2. You have $100 and can by Beer and Chips. A bag of Chips costs $2 and a beer costs $4. Presume you live in
2. You have $100 and can by Beer and Chips. A bag of Chips costs $2 and a beer costs $4. Presume you live in a world where you can buy any quantity of beer and chips. (a) Draw the budget line. (b) Draw the budget line if your income falls to $50. (c) Using the budget line from (b) draw the new budget line if the price of chips increases to $4 and the price of beer does not change
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