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Question 5 (Budget: Constraint). In the following graph are three budgets constraints, labeled '1, 2 and 3. K:- 31 a) Suppose the income corresponding to

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Question 5 (Budget: Constraint). In the following graph are three budgets constraints, labeled '1, 2 and 3. K:- 31 a) Suppose the income corresponding to budget constraints '1 and 2 is equal. What happened to the price of X1 and no. if the consumer moved from budget constraint 1 to budget constraint 2? Briefly explain. 1:) Suppose the income corresponding to budget constraint 3 is higher than the income corresponding to budget constraint 1. Given this, what happened to the prices ofx: and it: moving from budget constraint 1 to budget constraint 3? Briey explain

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