Question Four=[5 marks] Suppose a consumer spencls his income on lobster and frozen pizza. Assume that his income is $60; the price of lobster is $6; and the price of frozen pizza is $6 at BEL. Lobster ll] nMmbmmqmm Frozen 2 4 E B 1121415l330222425233 pizza a] What has happened at BC2? What is the new price of frozen pizza? {2' marks] b] What are the substitution effect and income effect, respectively, on frozen pizza because of the price change? [1.5 marks} c} ls frozen pizza a normal good or an inferior goocl? Briefly explain why by referring to substitution and income effects. {1.5 marks]