Question 2: (a) Suppose Gareth has the endowment (w1, w2) = (8, 6), and the prices of goods x1 and x2 are p1 = 3 and p2 = 1. What is the equation of Gareth's budget line? Draw a graph of Gareth's budget constraint and endowment bundle (make sure to label all axes, intercepts, bundles, slopes, etc.). (b) Suppose Gareth's utility function is u (x1, X2) = min {x1, 3x2}. Find his optimal choice (act, x2). (c) Suppose the price of good 1 decreases to p, = 1. What is Gareth's new optimal choice (a *, x**)? Show the effect of this price decrease by adding to your graph from part (a) - include the new budget line and new optimal bundle (make sure to label all axes, intercepts, bundles, slopes, etc.)