QUESTION 5 In year 1, the price of good x was $4, the price of good y was $1, and income was $70. In year 2, the price of x was $9, the price of good y was $2, and income was $70. On a graph with x on the horizontal axis and y on the vertical, the new budget line is ONone of these choices are correct. Oflatter than the old one and lies below it. Osteeper than the old one and lies above it. Offlatter than the old one and lies above it Osteeper than the old one and lies below it