Please answer the question below with detailed explanation.

Question 1 (10 points) : Consider a household with total income I = 1200 and preferences over two goods, electricity (x) and entertainment (y). The price of electricity is Pa = 0.50 (dollars per unit), and the price of entertainment is py = 3 (dollars per unit). Write down the budget constraint and graph the relationship. Suppose the price of electricity increases to Pr = 0.75 (dollars per unit). Write down and graph the new budget constraint on the same figure. Suppose the government gives a lump-sum rebate of 300 to the household to offset the price increase. Write down and graph the new budget constraint on the same figure. Label all relevant points and lines