3. The following graph shows a set of Milo's indifference curves over bus fair and all other goods Y. In addition, Milo's budget constraint is BC, where the price of units of bus fair and the price of Y are both = $1/trip. a. What is Milo's income? (hint: use the prices in the question and the endpoints). H++ b. Label Milo's optimal consumption point (A). Label Milo's indifference curve Us. If necessary, draw additional indifference curves to illustrate Milo's choice. c. At point A, Milo consumes: His MRS is bus trips and and the opportunity cost of a bus trip is, 45 BC # of bus trips d. Suppose the government offers Milo $8 in vouchers that can only be used to purchase bus trips. Graphically show how this voucher will affect Milo's budget constraint, indifference curve and optimal consumption point (B). If necessary, draw additional indifference curves to illustrate Milo's choice. e. If the government gave Milo $8 in cash instead of the $8 in bus trip vouchers, graphically show the effect on Milo's budget constraint (label BC), level of satisfaction, and optimal consumption point (label C). Briefly explain. f. Is Milo happier with the cash or the vouchers? Explain carefully! g. Would Milo consume more, fewer or the same bus trips with this amount of cash, relative to the $8 in bus trips vouchers? Explain.