Assume X and Y are economic goods.Plot X on the x axis and Y on the y axis using graph paper.Assume income is $50 and the price of X is $2.50 and the price of Y is $5.00.Draw the original budget line and show a utility maximizing interior equilibrium using an indifference curve.

1)Draw a new budget line if the price of X falls to $2.00.Show using indifference curves the substitution and income effects if both goods are normal.

2)Draw a new budget line if the price of X falls to $2.00.Show using indifference curves the substitution and income effects if X is inferior but not a Giffen good.

3)Draw a new budget line if the price of X falls to $2.00.Show using indifference curves the substitution and income effects if X is inferior and a Giffen good.

4)Draw a new budget line if the price of X rises to $4.00.Show using indifference curves the substitution and income effects if both goods are normal.

5)Draw a new budget line if the price of X rises to $4.00.Show using indifference curves the substitution and income effects if X is inferior but not a Giffen good .

6)Draw a new budget line if the price of X rises to $4.00.Show using indifference curves the substitution and income effects if X is inferior and a Giffen good .

Please make sure graphs are clear to read including Substitution/Income Effects are clearly labeled.