economics questions

\f2. Draw a budget line and then draw an indifference curve to illustrate the satisfaction maximizing choice associated with two products. Use your graph to answer the following questions. a. Suppose that one of the products is rationed. Explain why the consumer is likely to be worse off. b. Suppose that the price of one of the products is xed at a level below the current price. As a result, the consumer is not able to purchase as much as she would like. Can you tell if the consumer is better off or worse off? \f34. Judy has decided to allocate exactly $500 to college textbooks everg gear) even though sine knows that tine prices are likely to increase log 5 to 10 percent per gear and that slne will be getting a substantial monetarg gilt From her grandparents next year. What is Jadg's price elasticity ol' demand For textbooks? income elasticity? 8. Janelle and Brian each plan to spend $20,000 on the styling and gas mileage features of a new car. They can each choose all styling, all gas mileage, or some combination of the two. Janelle does not care at all about styling and wants the best gas mileage possible. Brian lilies both equally and wants to spend an equal amount on each. Using indj'erence curves and budget lines, illustrate the choice that each person will make