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Question 2 Ma rk's preferences for wine and films can be represented by his utility function, U (W, F) = W'75F'5. He has 300 to spend on beer and lms. (3) lb) Cost of wine is 10 per bottie and cost of films is 5 per View. Write down the equation that represent Mark's budget constraint (Le. budget line] and show it on a graph where wine is on the horizontal axis. Calculate and explain the slope of the budget line. Calculate the marginal utility of each commodity (wine and films} and marginal rate of substitution. How much of each good will Mark demand? Show the optimal consumption bundle on a graph and include the indifference curve passing through it. (25%) A taxis placed on wine so that it now costs 12 per bottle. How much of wine will Mark demand now? Using the Slutsky method, explain and derive the substitution effect, the income effect, and the total effect because of the change in the cost of wine. Show the decomposition graphically. (25%)