a. Good X is an inferior good. Use indifference curves and budget lines to show the substitution and income effects of a price decrease for Good X. Put $ for other goods" on the Y-axis, and clearly label all lines and curves. Make sure your diagram clearly shows the income effect and the substitution effect, and that you indicate which is the income effect and which is the substitution ellect. Indicate whether your graph is for a Giffen or non-Giffen good. (12 points) b. Give a short one or two sentence explanation of what the substitution effect means. Do the same for the income effect. (8 points)