6. Consider a representative consumer, Gail, who spends her quarterly income of $6,000 on two goods food and air transportation. Suppose the average price of air transportation is $500 per trip and the average price of food is $8 per unit. At these prices and given her income, Gail chooses to purchase 625 units of food and 2 trips. This is her optimal consumption bundle A. a) b) Represent this situation graphically by drawing a budget constraint (label it 11) and a convex indifference curve (1C1). Put air transportation on the horizontal axis and food on the vertical axis. Make sure to compute and show the values of the x and y-intercepts. Show her optimal consumption bundle A. What will happen to Gail's budget constraint if her quarterly income increases to $8,000? Illustrate this change by drawing another budget constraint (label it I2). Will Gail be better off or worse off? Explain briey. 2 pts. What will happen to Gail's budget constraint if the price of air transportation increases as discussed in the article? Draw a second graph (don't use the graph from part a) show the initial consumption choice (bundle A) and the new consumption choice when the price of air transportation increases (label it bundle B). Make sure to add a new budget constraint and a new convex indifference curve. Choose a reasonable point that represents her new optimal consumption bundle after the price change. Will Gail's optimal bundle contain more or less clothing? Is she better off or worse off? Explain briey. 2 pts